Synovus Financial Corp Has $921,000 Position in EMCOR Group, Inc. (NYSE:EME)

Synovus Financial Corp decreased its holdings in shares of EMCOR Group, Inc. (NYSE:EME) by 13.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,029 shares of the construction company’s stock after selling 325 shares during the quarter. Synovus Financial Corp’s holdings in EMCOR Group were worth $921,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its stake in shares of EMCOR Group by 28.0% during the 4th quarter. Invesco Ltd. now owns 1,318,494 shares of the construction company’s stock worth $598,465,000 after buying an additional 288,765 shares during the last quarter. Geode Capital Management LLC raised its holdings in EMCOR Group by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 1,022,170 shares of the construction company’s stock valued at $463,320,000 after acquiring an additional 25,502 shares during the period. Norges Bank acquired a new stake in EMCOR Group during the fourth quarter worth approximately $299,855,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of EMCOR Group by 21.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 429,623 shares of the construction company’s stock worth $196,500,000 after acquiring an additional 75,578 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of EMCOR Group by 11.1% in the fourth quarter. JPMorgan Chase & Co. now owns 270,348 shares of the construction company’s stock valued at $122,711,000 after purchasing an additional 27,068 shares during the last quarter. 92.59% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Maxine Lum Mauricio sold 1,250 shares of EMCOR Group stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $370.07, for a total value of $462,587.50. Following the transaction, the chief accounting officer now directly owns 27,642 shares of the company’s stock, valued at $10,229,474.94. This trade represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.26% of the company’s stock.

EMCOR Group Trading Down 1.9 %

Shares of EME stock opened at $382.79 on Thursday. The stock has a market cap of $17.41 billion, a P/E ratio of 19.44 and a beta of 1.08. EMCOR Group, Inc. has a 1 year low of $319.49 and a 1 year high of $545.30. The stock has a 50 day simple moving average of $393.53 and a 200 day simple moving average of $446.28.

EMCOR Group (NYSE:EME) last released its earnings results on Wednesday, February 26th. The construction company reported $6.32 earnings per share for the quarter, beating analysts’ consensus estimates of $5.53 by $0.79. EMCOR Group had a return on equity of 34.99% and a net margin of 6.51%. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.81 billion. Analysts forecast that EMCOR Group, Inc. will post 20.74 EPS for the current year.

EMCOR Group announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 26th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the construction company to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

EMCOR Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 17th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend is Thursday, April 17th. EMCOR Group’s dividend payout ratio is currently 4.64%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on EME. Stifel Nicolaus dropped their price target on EMCOR Group from $600.00 to $514.00 and set a “buy” rating for the company in a report on Thursday, February 27th. StockNews.com downgraded EMCOR Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, EMCOR Group presently has an average rating of “Moderate Buy” and an average price target of $497.25.

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.