State of Michigan Retirement System Boosts Holdings in EMCOR Group, Inc. $EME

State of Michigan Retirement System raised its position in EMCOR Group, Inc. (NYSE:EME) by 11.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 13,000 shares of the construction company’s stock after acquiring an additional 1,352 shares during the quarter. State of Michigan Retirement System’s holdings in EMCOR Group were worth $8,444,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Great Lakes Advisors LLC grew its stake in EMCOR Group by 32.3% during the 1st quarter. Great Lakes Advisors LLC now owns 590 shares of the construction company’s stock worth $218,000 after buying an additional 144 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in EMCOR Group by 93.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the construction company’s stock worth $81,000 after acquiring an additional 106 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of EMCOR Group during the second quarter worth about $459,000. Prime Capital Investment Advisors LLC acquired a new position in shares of EMCOR Group during the second quarter valued at about $287,000. Finally, IFP Advisors Inc raised its position in shares of EMCOR Group by 9.9% in the 2nd quarter. IFP Advisors Inc now owns 1,959 shares of the construction company’s stock valued at $1,048,000 after purchasing an additional 177 shares during the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EME. Wall Street Zen downgraded shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of EMCOR Group in a research note on Wednesday, January 21st. DA Davidson upped their target price on EMCOR Group from $725.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Stifel Nicolaus lifted their price target on EMCOR Group from $713.00 to $754.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Finally, Robert W. Baird set a $713.00 price target on EMCOR Group in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $698.83.

EMCOR Group Price Performance

Shares of EMCOR Group stock opened at $764.85 on Monday. The stock has a market cap of $34.24 billion, a PE ratio of 30.75 and a beta of 1.17. The firm has a fifty day moving average price of $657.89 and a 200 day moving average price of $647.27. EMCOR Group, Inc. has a 1 year low of $320.89 and a 1 year high of $778.64.

EMCOR Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, December 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 1.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

EMCOR Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Wednesday, January 14th were issued a $0.40 dividend. This is a boost from EMCOR Group’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, January 14th. This represents a $1.60 annualized dividend and a dividend yield of 0.2%. EMCOR Group’s payout ratio is presently 6.43%.

About EMCOR Group

EMCOR Group, Inc is a provider of mechanical and electrical construction, industrial and energy infrastructure, and facilities services to commercial, institutional and industrial clients. The company delivers a broad range of services that include design-build and traditional construction of mechanical, electrical and plumbing systems; ongoing facilities maintenance and operations; and specialized industrial services for sectors such as manufacturing, data centers, healthcare and utilities.

EMCOR’s service offerings encompass HVAC, plumbing, electrical installation and maintenance, fire protection, building automation and controls, commissioning, testing and balancing, and energy management solutions.