EMCOR Group (NYSE:EME) Releases Quarterly Earnings Results, Beats Estimates By $1.25 EPS

EMCOR Group (NYSE:EME) released its quarterly earnings data on Thursday. The construction company reported $4.17 earnings per share for the quarter, beating the consensus estimate of $2.92 by $1.25, reports. EMCOR Group had a return on equity of 30.38% and a net margin of 5.48%. The company had revenue of $3.43 billion for the quarter. EMCOR Group updated its FY 2024 guidance to 15.500-16.500 EPS and its FY24 guidance to $15.50-16.50 EPS.

EMCOR Group Price Performance

Shares of EME stock opened at $353.96 on Friday. The stock has a market capitalization of $16.64 billion, a PE ratio of 23.35 and a beta of 1.10. The business’s 50 day simple moving average is $328.76 and its 200 day simple moving average is $255.59. EMCOR Group has a one year low of $161.49 and a one year high of $369.53.

EMCOR Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Tuesday, April 16th will be paid a $0.25 dividend. This is a positive change from EMCOR Group’s previous quarterly dividend of $0.18. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date is Monday, April 15th. EMCOR Group’s payout ratio is currently 6.60%.

Insiders Place Their Bets

In other news, CEO Anthony Guzzi sold 6,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $319.65, for a total value of $1,917,900.00. Following the sale, the chief executive officer now directly owns 219,023 shares of the company’s stock, valued at approximately $70,010,701.95. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AE Wealth Management LLC acquired a new position in EMCOR Group in the third quarter valued at approximately $295,000. SG Americas Securities LLC increased its position in EMCOR Group by 1,042.3% in the 3rd quarter. SG Americas Securities LLC now owns 10,498 shares of the construction company’s stock valued at $2,209,000 after buying an additional 9,579 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in EMCOR Group by 93.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,003 shares of the construction company’s stock worth $421,000 after buying an additional 966 shares during the period. Caprock Group LLC boosted its holdings in EMCOR Group by 3.8% in the third quarter. Caprock Group LLC now owns 1,892 shares of the construction company’s stock worth $398,000 after acquiring an additional 69 shares in the last quarter. Finally, Oak Thistle LLC bought a new stake in shares of EMCOR Group during the third quarter valued at approximately $1,685,000. 92.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on EME shares. DA Davidson reiterated a “buy” rating and set a $375.00 target price on shares of EMCOR Group in a research report on Friday, March 22nd. KeyCorp initiated coverage on shares of EMCOR Group in a report on Wednesday, January 10th. They set a “sector weight” rating on the stock.

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.