State of Michigan Retirement System Raises Holdings in EMCOR Group, Inc. $EME

State of Michigan Retirement System lifted its holdings in EMCOR Group, Inc. (NYSE:EME) by 11.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,000 shares of the construction company’s stock after purchasing an additional 1,352 shares during the quarter. State of Michigan Retirement System’s holdings in EMCOR Group were worth $8,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Machina Capital S.A.S. bought a new stake in shares of EMCOR Group in the 3rd quarter valued at approximately $1,074,000. Donoghue Forlines LLC purchased a new stake in EMCOR Group during the 3rd quarter valued at $2,221,000. B. Riley Wealth Advisors Inc. purchased a new stake in EMCOR Group during the 2nd quarter valued at $995,000. Pinnbrook Capital Management LP bought a new stake in EMCOR Group in the second quarter worth $1,510,000. Finally, Exchange Traded Concepts LLC purchased a new position in EMCOR Group during the third quarter worth $528,000. 92.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EME has been the topic of several recent analyst reports. Zacks Research downgraded shares of EMCOR Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Robert W. Baird set a $713.00 price target on shares of EMCOR Group in a report on Friday, October 31st. Weiss Ratings reissued a “buy (b)” rating on shares of EMCOR Group in a research note on Wednesday, January 21st. DA Davidson upped their target price on EMCOR Group from $725.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Wall Street Zen downgraded EMCOR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, EMCOR Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $698.83.

EMCOR Group Stock Performance

Shares of NYSE:EME opened at $764.85 on Monday. The firm has a market cap of $34.24 billion, a PE ratio of 30.75 and a beta of 1.17. The firm’s 50 day simple moving average is $657.89 and its 200-day simple moving average is $647.27. EMCOR Group, Inc. has a one year low of $320.89 and a one year high of $778.64.

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

EMCOR Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, January 14th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, January 14th. This is an increase 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%. EMCOR Group’s dividend payout ratio is 6.43%.

EMCOR Group Company 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.