The Manufacturers Life Insurance Company Cuts Position in EMCOR Group, Inc. (NYSE:EME)

The Manufacturers Life Insurance Company cut its stake in EMCOR Group, Inc. (NYSE:EME) by 22.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 131,785 shares of the construction company’s stock after selling 38,382 shares during the period. The Manufacturers Life Insurance Company owned about 0.28% of EMCOR Group worth $48,112,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Millennium Management LLC boosted its position in EMCOR Group by 10.2% during the second quarter. Millennium Management LLC now owns 215,834 shares of the construction company’s stock valued at $78,797,000 after buying an additional 19,982 shares during the period. MBB Public Markets I LLC purchased a new stake in EMCOR Group during the second quarter valued at about $1,227,000. APG Asset Management N.V. purchased a new stake in EMCOR Group during the second quarter valued at about $1,516,000. AQR Capital Management LLC boosted its position in EMCOR Group by 27.5% during the second quarter. AQR Capital Management LLC now owns 412,382 shares of the construction company’s stock valued at $150,553,000 after buying an additional 88,909 shares during the period. Finally, AXA S.A. boosted its position in EMCOR Group by 82.5% during the second quarter. AXA S.A. now owns 36,418 shares of the construction company’s stock valued at $13,295,000 after buying an additional 16,466 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on EME shares. DA Davidson upped their price target on shares of EMCOR Group from $410.00 to $430.00 and gave the company a “buy” rating in a research report on Friday, July 26th. StockNews.com upgraded shares of EMCOR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday.

Insider Buying and Selling

In related news, Director Robin A. Walker-Lee sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $370.79, for a total value of $482,027.00. Following the sale, the director now owns 8,637 shares in the company, valued at $3,202,513.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.26% of the stock is currently owned by corporate insiders.

EMCOR Group Stock Performance

Shares of NYSE EME opened at $427.09 on Monday. EMCOR Group, Inc. has a fifty-two week low of $191.50 and a fifty-two week high of $443.96. The company has a 50 day simple moving average of $379.09 and a two-hundred day simple moving average of $370.20. The company has a market capitalization of $20.07 billion, a price-to-earnings ratio of 28.17 and a beta of 1.07.

EMCOR Group (NYSE:EME) last announced its quarterly earnings results on Thursday, July 25th. The construction company reported $5.25 earnings per share for the quarter, beating the consensus estimate of $3.76 by $1.49. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.52 billion. EMCOR Group had a net margin of 6.01% and a return on equity of 32.73%. The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.95 earnings per share. On average, analysts forecast that EMCOR Group, Inc. will post 19.5 earnings per share for the current fiscal year.

EMCOR Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 30th. Investors of record on Monday, July 15th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.23%. The ex-dividend date of this dividend was Monday, July 15th. EMCOR Group’s dividend payout ratio is currently 6.60%.

EMCOR Group declared that its Board of Directors has authorized a stock buyback program on Friday, June 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire up to 2.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

EMCOR Group Profile

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.