Norges Bank Acquires Shares of 660,618 EMCOR Group, Inc. (NYSE:EME)

Norges Bank purchased a new position in shares of EMCOR Group, Inc. (NYSE:EME - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 660,618 shares of the construction company's stock, valued at approximately $299,855,000. Norges Bank owned approximately 1.44% of EMCOR Group at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. State Street Corp raised its position in EMCOR Group by 1.5% during the third quarter. State Street Corp now owns 1,612,782 shares of the construction company's stock valued at $694,351,000 after acquiring an additional 24,541 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of EMCOR Group by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 996,668 shares of the construction company's stock worth $428,313,000 after purchasing an additional 49,137 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of EMCOR Group by 21.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 429,623 shares of the construction company's stock valued at $196,500,000 after purchasing an additional 75,578 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of EMCOR Group by 11.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 334,509 shares of the construction company's stock valued at $144,016,000 after purchasing an additional 34,226 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in EMCOR Group by 45.2% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,072 shares of the construction company's stock worth $121,871,000 after purchasing an additional 88,074 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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EMCOR Group Trading Down 8.5 %

NYSE:EME traded down $32.60 during mid-day trading on Thursday, hitting $352.35. 96,723 shares of the company's stock traded hands, compared to its average volume of 453,438. The firm has a market capitalization of $16.02 billion, a price-to-earnings ratio of 17.89 and a beta of 1.14. The firm has a 50 day moving average of $415.38 and a two-hundred day moving average of $451.06. EMCOR Group, Inc. has a 12 month low of $319.49 and a 12 month 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, beating 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 company had revenue of $3.77 billion during the quarter, compared to analysts' expectations of $3.81 billion. As a group, equities research analysts expect that EMCOR Group, Inc. will post 20.74 earnings per share for the current year.

EMCOR Group declared that its board has approved a share repurchase program on Wednesday, February 26th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the construction company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

EMCOR Group Dividend Announcement

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

Insider Activity

In related news, CAO Maxine Lum Mauricio sold 1,250 shares of the company'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 completion of the transaction, the chief accounting officer now directly owns 27,642 shares in the company, valued at approximately $10,229,474.94. This represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.26% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on EME. StockNews.com cut EMCOR Group from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, February 25th. Stifel Nicolaus decreased their target price on EMCOR Group from $600.00 to $514.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, EMCOR Group currently has an average rating of "Moderate Buy" and an average price target of $497.25.

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.