NewEdge Wealth LLC Has $2.61 Million Holdings in EMCOR Group, Inc. $EME

NewEdge Wealth LLC decreased its stake in EMCOR Group, Inc. (NYSE:EME) by 47.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,858 shares of the construction company’s stock after selling 3,422 shares during the period. NewEdge Wealth LLC’s holdings in EMCOR Group were worth $2,606,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of EMCOR Group by 17.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,332,636 shares of the construction company’s stock valued at $3,463,760,000 after acquiring an additional 798,975 shares during the last quarter. Norges Bank acquired a new position in EMCOR Group during the second quarter valued at approximately $344,548,000. 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. raised its holdings 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 worth $186,953,000 after purchasing an additional 100,144 shares during the period. Finally, Symphony Financial Ltd. Co. bought a new position in shares of EMCOR Group during the second quarter worth $47,504,000. Institutional investors own 92.59% of the company’s stock.

EMCOR Group Price Performance

Shares of NYSE:EME opened at $812.38 on Friday. The company’s 50-day moving average price is $692.14 and its two-hundred day moving average price is $658.68. EMCOR Group, Inc. has a one year low of $320.89 and a one year high of $835.00. The stock has a market capitalization of $36.37 billion, a PE ratio of 32.67 and a beta of 1.17.

EMCOR Group announced that its board has approved a stock repurchase plan on Thursday, December 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the construction company to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

EMCOR Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, January 14th were paid a $0.40 dividend. This is a positive change from EMCOR Group’s previous quarterly dividend of $0.25. This represents a $1.60 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Wednesday, January 14th. EMCOR Group’s dividend payout ratio is 6.43%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Stifel Nicolaus upped their price objective on shares of EMCOR Group from $713.00 to $754.00 and gave the company a “buy” rating in a research report 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. Weiss Ratings reiterated a “buy (b)” rating on shares of EMCOR Group in a research report on Wednesday, January 21st. Finally, DA Davidson increased their target price on EMCOR Group from $725.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, EMCOR Group has an average rating of “Moderate Buy” and a consensus target price 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.