Bank of New York Mellon Corp Reduces Holdings in EMCOR Group, Inc. $EME

Bank of New York Mellon Corp decreased its position in shares of EMCOR Group, Inc. (NYSE:EME) by 19.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 294,918 shares of the construction company’s stock after selling 68,984 shares during the quarter. Bank of New York Mellon Corp’s holdings in EMCOR Group were worth $191,561,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Great Lakes Advisors LLC boosted its position in EMCOR Group by 32.3% during the first quarter. Great Lakes Advisors LLC now owns 590 shares of the construction company’s stock worth $218,000 after purchasing an additional 144 shares during the period. Geneos Wealth Management Inc. boosted its holdings in EMCOR Group by 93.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the construction company’s stock worth $81,000 after buying an additional 106 shares during the period. Sivia Capital Partners LLC purchased a new position in EMCOR Group in the 2nd quarter valued at approximately $459,000. J. Safra Sarasin Holding AG raised its holdings in EMCOR Group by 83.3% during the 2nd quarter. J. Safra Sarasin Holding AG now owns 3,843 shares of the construction company’s stock valued at $2,056,000 after acquiring an additional 1,746 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of EMCOR Group by 25.9% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,145 shares of the construction company’s stock worth $2,752,000 after acquiring an additional 1,058 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on EME shares. DA Davidson lifted their price target on EMCOR Group from $725.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, October 31st. The Goldman Sachs Group raised EMCOR Group from a “sell” rating to a “neutral” rating and lifted their target price for the company from $495.00 to $676.00 in a report on Tuesday, October 7th. Wall Street Zen downgraded shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Stifel Nicolaus boosted their price objective on shares of EMCOR Group from $713.00 to $754.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of EMCOR Group in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $698.83.

EMCOR Group Trading Down 1.2%

Shares of NYSE EME opened at $721.29 on Friday. The business has a 50-day moving average of $645.50 and a 200-day moving average of $640.06. The firm has a market capitalization of $32.29 billion, a price-to-earnings ratio of 29.00 and a beta of 1.17. EMCOR Group, Inc. has a 12 month low of $320.89 and a 12 month high of $778.64.

EMCOR Group (NYSE:EME) last announced its earnings results on Thursday, October 30th. The construction company reported $6.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $6.57. EMCOR Group had a net margin of 6.96% and a return on equity of 37.04%. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.27 billion. During the same period in the previous year, the business posted $5.80 earnings per share. EMCOR Group’s revenue for the quarter was up 16.4% on a year-over-year basis. On average, analysts predict that EMCOR Group, Inc. will post 20.74 earnings per share for the current year.

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 dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, January 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.2%. This is an increase from EMCOR Group’s previous quarterly dividend of $0.25. EMCOR Group’s payout ratio is presently 6.43%.

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

Insider Transactions at EMCOR Group

In related news, Director Robin A. Walker-Lee sold 1,325 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $677.22, for a total value of $897,316.50. Following the transaction, the director owned 6,140 shares of the company’s stock, valued at $4,158,130.80. This represents a 17.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.83% of the company’s stock.

EMCOR Group Profile

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.