Burgundy Asset Management Ltd. Sells 228,117 Shares of EMCOR Group, Inc. (NYSE:EME)

Burgundy Asset Management Ltd. reduced its stake in EMCOR Group, Inc. (NYSE:EME) by 33.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 463,264 shares of the construction company’s stock after selling 228,117 shares during the period. EMCOR Group accounts for 1.8% of Burgundy Asset Management Ltd.’s portfolio, making the stock its 18th largest position. Burgundy Asset Management Ltd. owned approximately 0.99% of EMCOR Group worth $169,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of EME. Norges Bank purchased a new position in shares of EMCOR Group in the 4th quarter valued at approximately $153,739,000. Acadian Asset Management LLC raised its holdings in EMCOR Group by 55.6% in the first quarter. Acadian Asset Management LLC now owns 391,469 shares of the construction company’s stock worth $137,074,000 after purchasing an additional 139,919 shares in the last quarter. Panagora Asset Management Inc. lifted its position in EMCOR Group by 155.5% during the second quarter. Panagora Asset Management Inc. now owns 207,263 shares of the construction company’s stock valued at $75,668,000 after buying an additional 126,148 shares during the period. Hennessy Advisors Inc. bought a new stake in shares of EMCOR Group during the 4th quarter valued at $25,938,000. Finally, Renaissance Technologies LLC grew its position in shares of EMCOR Group by 99.2% in the 2nd quarter. Renaissance Technologies LLC now owns 233,500 shares of the construction company’s stock worth $85,246,000 after buying an additional 116,300 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

EMCOR Group Stock Down 0.1 %

EME stock opened at $408.81 on Thursday. The business has a 50 day moving average of $370.82 and a 200 day moving average of $364.88. The firm has a market cap of $19.21 billion, a PE ratio of 26.97 and a beta of 1.07. EMCOR Group, Inc. has a twelve month low of $191.50 and a twelve month high of $417.78.

EMCOR Group (NYSE:EME) last issued its quarterly earnings results on Thursday, July 25th. The construction company reported $5.25 earnings per share for the quarter, beating the consensus estimate of $3.76 by $1.49. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.52 billion. EMCOR Group had a return on equity of 32.73% and a net margin of 6.01%. The company’s revenue was up 20.4% on a year-over-year basis. During the same period last year, the company earned $2.95 earnings per share. On average, research analysts expect that EMCOR Group, Inc. will post 19.5 earnings per share for the current fiscal year.

EMCOR Group declared that its Board of Directors has initiated a share repurchase plan on Friday, June 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the construction company to purchase up to 2.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

EMCOR Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 30th. Stockholders of record on Monday, July 15th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $1.00 annualized dividend and a dividend yield of 0.24%. EMCOR Group’s dividend payout ratio is presently 6.60%.

Insider Activity

In related news, Director Robin A. Walker-Lee sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $370.79, for a total value of $482,027.00. Following the completion of the transaction, the director now directly owns 8,637 shares in the company, valued at approximately $3,202,513.23. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

Separately, DA Davidson boosted their price objective on shares of EMCOR Group from $410.00 to $430.00 and gave the stock a “buy” rating in a research note on Friday, July 26th.

About EMCOR Group

EMCOR Group, Inc provides construction and facilities, building, and industrial services in the United States and the United Kingdom. It offers design, integration, installation, start-up, operation, and maintenance services related to power transmission, distribution, and generation systems; energy solutions; premises electrical and lighting systems; process instrumentation; low-voltage systems; voice and data communications systems; roadway and transit lighting, signaling, and fiber optic lines; computerized traffic control systems, and signal and communication equipment; heating, ventilation, air conditioning, refrigeration, and geothermal solutions; clean-room process ventilation systems; fire protection and suppression systems; plumbing, process, and high-purity piping systems; controls and filtration systems; water and wastewater treatment systems; central plant heating and cooling systems; crane and rigging services; millwright services; and steel fabrication, erection, and welding services.