EMCOR Group (NYSE:EME) Board Initiates Share Buyback Program

EMCOR Group (NYSE:EME) declared that its board has initiated a share buyback program on Wednesday, February 26th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization authorizes the construction company to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

EMCOR Group Price Performance

NYSE:EME opened at $408.33 on Friday. The firm has a market capitalization of $18.78 billion, a P/E ratio of 20.74 and a beta of 1.11. EMCOR Group has a 1-year low of $305.89 and a 1-year high of $545.29. The company’s fifty day moving average price is $459.53 and its 200-day moving average price is $448.17.

EMCOR Group (NYSE:EME) last released its quarterly earnings data on Wednesday, February 26th. The construction company reported $6.32 earnings per share for the quarter, topping 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%. Equities analysts anticipate that EMCOR Group will post 20.74 EPS for the current fiscal year.

EMCOR Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Thursday, January 16th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, January 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.24%. EMCOR Group’s payout ratio is currently 5.08%.

Analyst Ratings Changes

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