Thrivent Financial for Lutherans Reduces Stock Position in EMCOR Group, Inc. $EME

Thrivent Financial for Lutherans cut its holdings in shares of EMCOR Group, Inc. (NYSE:EME) by 47.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,875 shares of the construction company’s stock after selling 13,600 shares during the quarter. Thrivent Financial for Lutherans’ holdings in EMCOR Group were worth $9,662,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several research firms have issued reports on EME. Zacks Research cut EMCOR Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Wall Street Zen lowered EMCOR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of EMCOR Group in a research note on Wednesday, January 21st. Stifel Nicolaus raised their price target on EMCOR Group from $713.00 to $754.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, Robert W. Baird set a $713.00 target price on shares of EMCOR Group in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $698.83.

EMCOR Group Price Performance

EME opened at $708.96 on Thursday. EMCOR Group, Inc. has a 12 month low of $320.89 and a 12 month high of $778.64. The business has a 50-day moving average of $652.77 and a two-hundred day moving average of $644.22. The stock has a market capitalization of $31.74 billion, a price-to-earnings ratio of 28.51 and a beta of 1.17.

EMCOR Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders 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 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, January 14th. EMCOR Group’s dividend payout ratio is 6.43%.

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

EMCOR Group Profile

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.