EMCOR Group (NYSE:EME) Reaches New 52-Week High After Strong Earnings

EMCOR Group, Inc. (NYSE:EME)’s share price reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $456.76 and last traded at $449.76, with a volume of 123086 shares trading hands. The stock had previously closed at $431.77.

The construction company reported $5.80 EPS for the quarter, topping analysts’ consensus estimates of $4.98 by $0.82. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.77 billion. EMCOR Group had a net margin of 6.01% and a return on equity of 32.73%. During the same period in the previous year, the firm earned $3.61 EPS. EMCOR Group’s revenue was up 15.3% on a year-over-year basis.

EMCOR Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 30th. Investors of record on Tuesday, October 15th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend was Tuesday, October 15th. EMCOR Group’s payout ratio is currently 5.73%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EME. DA Davidson lifted 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. StockNews.com raised EMCOR Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 9th.

Institutional Trading of EMCOR Group

Several institutional investors and hedge funds have recently bought and sold shares of EME. First Trust Direct Indexing L.P. purchased a new position in shares of EMCOR Group in the first quarter worth approximately $468,000. Commonwealth Equity Services LLC raised its stake in EMCOR Group by 30.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 6,174 shares of the construction company’s stock valued at $2,162,000 after purchasing an additional 1,436 shares during the period. Van ECK Associates Corp lifted its holdings in shares of EMCOR Group by 36.5% in the first quarter. Van ECK Associates Corp now owns 19,055 shares of the construction company’s stock valued at $6,673,000 after purchasing an additional 5,097 shares in the last quarter. Consolidated Portfolio Review Corp acquired a new stake in shares of EMCOR Group in the first quarter worth $261,000. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of EMCOR Group during the first quarter valued at $208,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

EMCOR Group Stock Performance

The stock has a market capitalization of $20.81 billion, a PE ratio of 25.54 and a beta of 1.07. The firm has a 50 day moving average of $415.78 and a 200-day moving average of $385.33.

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.