Public Sector Pension Investment Board Buys 3,783 Shares of EMCOR Group, Inc. $EME

Public Sector Pension Investment Board boosted its stake in EMCOR Group, Inc. (NYSE:EME) by 18.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,982 shares of the construction company’s stock after purchasing an additional 3,783 shares during the quarter. Public Sector Pension Investment Board owned about 0.05% of EMCOR Group worth $15,577,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of EMCOR Group in the 2nd quarter valued at about $344,548,000. Nordea Investment Management AB grew its holdings in EMCOR Group by 63.8% during the second quarter. Nordea Investment Management AB now owns 395,110 shares of the construction company’s stock valued at $210,278,000 after purchasing an additional 153,948 shares during the period. Federated Hermes Inc. increased its stake in EMCOR Group by 56.4% in the second quarter. Federated Hermes Inc. now owns 322,437 shares of the construction company’s stock valued at $172,468,000 after purchasing an additional 116,289 shares in the last quarter. American Century Companies Inc. increased its stake in EMCOR Group by 40.2% in the second quarter. American Century Companies Inc. now owns 349,517 shares of the construction company’s stock valued at $186,953,000 after purchasing an additional 100,144 shares in the last quarter. Finally, Symphony Financial Ltd. Co. acquired a new stake in EMCOR Group in the second quarter worth $47,504,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

EMCOR Group Price Performance

Shares of EMCOR Group stock opened at $800.50 on Friday. The firm has a market cap of $35.84 billion, a price-to-earnings ratio of 32.19 and a beta of 1.17. The stock’s 50-day moving average is $675.01 and its 200-day moving average is $652.95. EMCOR Group, Inc. has a one year low of $320.89 and a one year high of $835.00.

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

EMCOR Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Wednesday, January 14th were given a $0.40 dividend. This is a boost from EMCOR Group’s previous quarterly dividend of $0.25. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Wednesday, January 14th. EMCOR Group’s payout ratio is presently 6.43%.

Analysts Set New Price Targets

EME has been the subject of several research analyst reports. DA Davidson boosted their price target on shares of EMCOR Group from $725.00 to $800.00 and gave the company a “buy” rating in a report on Friday, October 31st. Stifel Nicolaus boosted their target price on EMCOR Group from $713.00 to $754.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Wall Street Zen downgraded EMCOR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Zacks Research cut EMCOR Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of EMCOR Group in a research report on Wednesday, January 21st. One 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $698.83.

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.