State of Michigan Retirement System Reduces Stock Holdings in EMCOR Group, Inc. (NYSE:EME)

State of Michigan Retirement System lessened its stake in shares of EMCOR Group, Inc. (NYSE:EME) by 1.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,648 shares of the construction company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in EMCOR Group were worth $5,287,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. True Wealth Design LLC lifted its position in EMCOR Group by 3,466.7% in the third quarter. True Wealth Design LLC now owns 107 shares of the construction company’s stock valued at $46,000 after acquiring an additional 104 shares during the last quarter. SJS Investment Consulting Inc. increased its position in shares of EMCOR Group by 494.7% during the fourth quarter. SJS Investment Consulting Inc. now owns 113 shares of the construction company’s stock worth $51,000 after purchasing an additional 94 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of EMCOR Group during the third quarter worth about $55,000. Harbor Capital Advisors Inc. purchased a new stake in shares of EMCOR Group in the 3rd quarter valued at about $62,000. Finally, Rakuten Securities Inc. boosted its position in shares of EMCOR Group by 4,025.0% in the 3rd quarter. Rakuten Securities Inc. now owns 165 shares of the construction company’s stock valued at $71,000 after purchasing an additional 161 shares during the period. Institutional investors and hedge funds own 92.59% of the company’s stock.

EMCOR Group Trading Down 4.7 %

Shares of EME stock opened at $374.26 on Friday. EMCOR Group, Inc. has a twelve month low of $313.48 and a twelve month high of $545.29. The business’s 50 day moving average is $452.26 and its two-hundred day moving average is $449.13. The company has a market capitalization of $17.02 billion, a P/E ratio of 19.01 and a beta of 1.11.

EMCOR Group (NYSE:EME) last posted its quarterly earnings data on Wednesday, February 26th. The construction company reported $6.32 earnings per share for the quarter, beating analysts’ consensus estimates of $5.53 by $0.79. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.81 billion. EMCOR Group had a net margin of 6.51% and a return on equity of 34.99%. As a group, equities analysts predict that EMCOR Group, Inc. will post 20.74 earnings per share for the current fiscal year.

EMCOR Group announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 26th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the construction company to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

EMCOR Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Thursday, January 16th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, January 16th. This represents a $1.00 annualized dividend and a yield of 0.27%. EMCOR Group’s dividend payout ratio is currently 4.64%.

Wall Street Analysts Forecast Growth

EME has been the subject of a number of research reports. StockNews.com cut EMCOR Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 25th. Stifel Nicolaus cut their target price on shares of EMCOR Group from $600.00 to $514.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Northcoast Research began coverage on shares of EMCOR Group in a research note on Friday, November 22nd. They set a “buy” rating and a $600.00 price target for the company. Finally, The Goldman Sachs Group began coverage on shares of EMCOR Group in a research note on Friday, November 22nd. They issued a “sell” rating and a $445.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $497.25.

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.