EMCOR Group, Inc. $EME Stake Trimmed by Renaissance Group LLC

Renaissance Group LLC lessened its stake in shares of EMCOR Group, Inc. (NYSE:EME) by 23.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 69,206 shares of the construction company’s stock after selling 21,113 shares during the period. EMCOR Group comprises 1.7% of Renaissance Group LLC’s investment portfolio, making the stock its 6th largest holding. Renaissance Group LLC’s holdings in EMCOR Group were worth $44,952,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in EME. Donoghue Forlines LLC acquired a new position in EMCOR Group in the 3rd quarter worth about $2,221,000. Machina Capital S.A.S. acquired a new position in EMCOR Group in the third quarter worth approximately $1,074,000. B. Riley Wealth Advisors Inc. acquired a new position in EMCOR Group in the second quarter worth approximately $995,000. Pinnbrook Capital Management LP bought a new position in EMCOR Group during the second quarter valued at approximately $1,510,000. Finally, Exchange Traded Concepts LLC acquired a new stake in EMCOR Group in the third quarter valued at approximately $528,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on EME. Stifel Nicolaus raised their price target on shares of EMCOR Group from $713.00 to $754.00 and gave the company a “buy” rating in a report on Monday, January 26th. Zacks Research lowered EMCOR Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of EMCOR Group in a research report on Wednesday, January 21st. Wall Street Zen lowered EMCOR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Robert W. Baird set a $713.00 price objective on EMCOR Group in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, EMCOR Group has an average rating of “Moderate Buy” and a consensus price target of $698.83.

EMCOR Group Price Performance

Shares of EMCOR Group stock opened at $764.85 on Friday. EMCOR Group, Inc. has a fifty-two week low of $320.89 and a fifty-two week high of $778.64. The company has a market cap of $34.24 billion, a PE ratio of 30.75 and a beta of 1.17. The firm has a fifty day moving average price of $657.89 and a two-hundred day moving average price of $646.15.

EMCOR Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, December 18th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 1.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

EMCOR Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, January 14th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.2%. This is an increase from EMCOR Group’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, January 14th. EMCOR Group’s dividend payout ratio (DPR) is 6.43%.

About EMCOR Group

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.