Clinton Group Inc. trimmed its position in shares of EMCOR Group, Inc. (NYSE:EME) by 73.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,583 shares of the construction company’s stock after selling 17,774 shares during the period. Clinton Group Inc.’s holdings in EMCOR Group were worth $430,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in EMCOR Group by 11,403.3% in the 1st quarter. BlackRock Inc. now owns 6,707,216 shares of the construction company’s stock valued at $422,217,000 after purchasing an additional 6,648,909 shares in the last quarter. Vanguard Group Inc. increased its holdings in EMCOR Group by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 4,982,822 shares of the construction company’s stock valued at $325,777,000 after purchasing an additional 65,908 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in EMCOR Group by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,113,426 shares of the construction company’s stock valued at $133,040,000 after purchasing an additional 23,784 shares in the last quarter. State Street Corp increased its holdings in EMCOR Group by 0.7% in the 1st quarter. State Street Corp now owns 2,008,780 shares of the construction company’s stock valued at $126,456,000 after purchasing an additional 14,306 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in EMCOR Group by 2.1% in the 2nd quarter. Northern Trust Corp now owns 1,611,590 shares of the construction company’s stock valued at $105,366,000 after purchasing an additional 33,361 shares in the last quarter. Institutional investors and hedge funds own 93.18% of the company’s stock.
EMCOR Group (NYSE:EME) last posted its quarterly earnings results on Thursday, July 27th. The construction company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.15. EMCOR Group had a net margin of 2.63% and a return on equity of 13.19%. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the company posted $0.95 EPS. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 30th. Stockholders of record on Tuesday, October 17th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, October 16th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.46%. EMCOR Group’s payout ratio is currently 9.61%.
Several brokerages recently issued reports on EME. Zacks Investment Research upgraded EMCOR Group from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a report on Monday, July 31st. KeyCorp restated a “hold” rating on shares of EMCOR Group in a research note on Friday, August 25th. Finally, BidaskClub downgraded EMCOR Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $72.33.
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About EMCOR Group
EMCOR Group, Inc is an electrical and mechanical construction, and facilities services firm in the United States. The Company provides building services and industrial services. Its segments are United States electrical construction and facilities services; United States mechanical construction and facilities services; United States building services; United States industrial services, and United Kingdom building services.
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