Envestnet Asset Management Inc. Decreases Stock Position in EMCOR Group, Inc. (NYSE:EME)

Envestnet Asset Management Inc. lessened its position in EMCOR Group, Inc. (NYSE:EME) by 17.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 162,675 shares of the construction company’s stock after selling 35,110 shares during the quarter. Envestnet Asset Management Inc. owned about 0.35% of EMCOR Group worth $59,389,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Avantax Advisory Services Inc. purchased a new position in EMCOR Group during the fourth quarter worth approximately $219,000. Janney Montgomery Scott LLC lifted its position in EMCOR Group by 1.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 7,158 shares of the construction company’s stock worth $1,542,000 after buying an additional 85 shares in the last quarter. Norges Bank purchased a new position in EMCOR Group during the fourth quarter worth approximately $153,739,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in EMCOR Group during the fourth quarter worth approximately $441,000. Finally, Coldstream Capital Management Inc. lifted its position in EMCOR Group by 9.5% during the fourth quarter. Coldstream Capital Management Inc. now owns 4,613 shares of the construction company’s stock worth $994,000 after buying an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Insider Activity

In other news, Director Robin A. Walker-Lee sold 1,300 shares of EMCOR Group stock in a transaction on Monday, July 29th. The stock was sold at an average price of $370.79, for a total value of $482,027.00. Following the completion of the sale, the director now directly owns 8,637 shares of the company’s stock, valued at $3,202,513.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

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

EMCOR Group Stock Down 0.1 %

EME stock opened at $408.81 on Thursday. The business has a fifty day moving average of $370.82 and a two-hundred day moving average of $364.88. The stock has a market cap of $19.21 billion, a price-to-earnings ratio of 26.97 and a beta of 1.07. EMCOR Group, Inc. has a 52-week low of $191.50 and a 52-week high of $417.78.

EMCOR Group (NYSE:EME) last posted its earnings results on Thursday, July 25th. The construction company reported $5.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.76 by $1.49. EMCOR Group had a return on equity of 32.73% and a net margin of 6.01%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.52 billion. During the same quarter last year, the firm earned $2.95 earnings per share. The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that EMCOR Group, Inc. will post 19.5 EPS for the current year.

EMCOR Group declared that its board has approved a stock buyback program on Friday, June 7th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the construction company to repurchase up to 2.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

EMCOR Group Dividend Announcement

The company also recently disclosed 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 was Monday, July 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.24%. EMCOR Group’s payout ratio is presently 6.60%.

EMCOR Group Profile

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.