Corebridge Financial Inc. Has $23.72 Million Stock Position in EMCOR Group, Inc. (NYSE:EME)

Corebridge Financial Inc. lowered its stake in shares of EMCOR Group, Inc. (NYSE:EME - Free Report) by 5.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 52,255 shares of the construction company's stock after selling 3,133 shares during the period. Corebridge Financial Inc. owned 0.11% of EMCOR Group worth $23,719,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stevens Capital Management LP acquired a new position in EMCOR Group during the fourth quarter worth $309,000. LPL Financial LLC increased its stake in shares of EMCOR Group by 42.5% during the 4th quarter. LPL Financial LLC now owns 45,224 shares of the construction company's stock worth $20,527,000 after purchasing an additional 13,485 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of EMCOR Group in the 4th quarter valued at about $22,060,000. Knights of Columbus Asset Advisors LLC lifted its stake in EMCOR Group by 0.9% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 9,571 shares of the construction company's stock valued at $4,344,000 after purchasing an additional 82 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in EMCOR Group by 81.6% during the fourth 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 during the period. Institutional investors own 92.59% of the company's stock.

Analysts Set New Price Targets

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

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Insiders Place Their Bets

In other EMCOR Group news, CAO Maxine Lum Mauricio sold 1,250 shares of EMCOR Group 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 completion of the transaction, the chief accounting officer now directly owns 27,642 shares of the company's stock, valued at $10,229,474.94. The trade was a 4.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.26% of the company's stock.

EMCOR Group Price Performance

EMCOR Group stock traded down $8.11 during trading hours on Friday, hitting $371.22. The company had a trading volume of 400,389 shares, compared to its average volume of 452,710. The firm has a 50-day moving average of $424.19 and a 200 day moving average of $451.35. The firm has a market cap of $16.88 billion, a PE ratio of 18.85 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.

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. The firm had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.81 billion. EMCOR Group had a return on equity of 34.99% and a net margin of 6.51%. As a group, research analysts expect that EMCOR Group, Inc. will post 20.74 earnings per share for the current year.

EMCOR Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Thursday, January 16th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Thursday, January 16th. EMCOR Group's dividend payout ratio is currently 4.64%.

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

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.