Allstate Corp Buys Shares of 1,336 EMCOR Group, Inc. (NYSE:EME)

Allstate Corp acquired a new stake in EMCOR Group, Inc. (NYSE:EME - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,336 shares of the construction company's stock, valued at approximately $606,000.

A number of other institutional investors also recently modified their holdings of EME. Norges Bank acquired a new position in shares of EMCOR Group during the fourth quarter valued at about $299,855,000. World Investment Advisors LLC acquired a new stake in EMCOR Group in the third quarter valued at approximately $100,282,000. Nordea Investment Management AB increased its holdings in shares of EMCOR Group by 2,246.2% during the fourth quarter. Nordea Investment Management AB now owns 142,578 shares of the construction company's stock valued at $65,036,000 after acquiring an additional 136,501 shares in the last quarter. Swedbank AB raised its position in shares of EMCOR Group by 399.4% during the fourth quarter. Swedbank AB now owns 153,443 shares of the construction company's stock worth $69,648,000 after purchasing an additional 122,716 shares during the period. Finally, American Century Companies Inc. lifted its holdings in shares of EMCOR Group by 81.6% in the 4th quarter. American Century Companies Inc. now owns 213,947 shares of the construction company's stock worth $97,111,000 after purchasing an additional 96,108 shares in the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

Wall Street Analysts Forecast Growth

EME has been the subject of a number of recent research reports. StockNews.com lowered shares of EMCOR Group from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, February 25th. Stifel Nicolaus cut their price target on EMCOR Group from $600.00 to $514.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $497.25.

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Insider Activity

In other EMCOR Group news, CAO Maxine Lum Mauricio sold 1,250 shares of the business's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $370.07, for a total value of $462,587.50. Following the sale, the chief accounting officer now directly owns 27,642 shares in the company, valued at $10,229,474.94. The trade was a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.26% of the company's stock.

EMCOR Group Stock Down 7.9 %

EME stock traded down $30.34 during trading on Thursday, reaching $354.62. The stock had a trading volume of 491,150 shares, compared to its average volume of 454,734. The company has a market capitalization of $16.13 billion, a price-to-earnings ratio of 18.01 and a beta of 1.14. EMCOR Group, Inc. has a one year low of $319.49 and a one year high of $545.30. The company's 50 day moving average is $415.38 and its two-hundred day moving average is $451.06.

EMCOR Group (NYSE:EME - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The construction company reported $6.32 earnings per share for the quarter, topping the consensus estimate of $5.53 by $0.79. EMCOR Group had a return on equity of 34.99% and a net margin of 6.51%. The business had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.81 billion. As a group, research analysts predict that EMCOR Group, Inc. will post 20.74 earnings per share for the current fiscal year.

EMCOR Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Thursday, January 16th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.28%. The ex-dividend date was Thursday, January 16th. EMCOR Group's dividend payout ratio is 4.64%.

EMCOR Group announced that its board has approved a stock buyback plan on Wednesday, February 26th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the construction company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its shares are undervalued.

EMCOR Group Company 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.