Oppenheimer Has Lowered Expectations for EMCOR Group (NYSE:EME) Stock Price

EMCOR Group (NYSE:EME) had its price objective dropped by investment analysts at Oppenheimer from $1,200.00 to $1,000.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “outperform” rating on the construction company’s stock. Oppenheimer‘s price target points to a potential upside of 44.77% from the company’s current price.

EME has been the topic of several other research reports. Cantor Fitzgerald cut their price target on shares of EMCOR Group from $1,047.00 to $920.00 and set an “overweight” rating on the stock in a report on Monday. The Goldman Sachs Group dropped their target price on shares of EMCOR Group from $885.00 to $795.00 and set a “neutral” rating on the stock in a report on Tuesday, October 20th. UBS Group reaffirmed a “buy” rating and issued a $1,065.00 target price (up from $975.00) on shares of EMCOR Group in a research report on Friday, October 9th. DA Davidson set a $1,047.00 target price on EMCOR Group in a research report on Monday, August 10th. Finally, Weiss Ratings lowered EMCOR Group from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 27th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $951.86.

EMCOR Group Price Performance

Shares of EME traded up $11.21 during mid-day trading on Monday, reaching $690.76. 88,254 shares of the company’s stock were exchanged, compared to its average volume of 394,656. EMCOR Group has a 52-week low of $564.92 and a 52-week high of $951.96. The business’s fifty day simple moving average is $742.75 and its 200-day simple moving average is $779.57. The stock has a market capitalization of $30.24 billion, a PE ratio of 20.02 and a beta of 1.16.

EMCOR Group (NYSE:EME) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $9.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.37 by $1.23. EMCOR Group had a return on equity of 36.65% and a net margin of 7.78%. The firm had revenue of $5.54 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the prior year, the business posted $6.57 earnings per share. EMCOR Group’s revenue was up 28.8% compared to the same quarter last year. Equities research analysts predict that EMCOR Group will post 35.00 earnings per share for the current year.

EMCOR Group declared that its board has approved a share repurchase program on Thursday, October 29th that allows the company to buy back $500 million in shares. This repurchase authorization allows the construction company to purchase up to 1.7% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Chicago Partners Investment Group LLC increased its position in EMCOR Group by 16.4% during the third quarter. Chicago Partners Investment Group LLC now owns 2,454 shares of the construction company’s stock worth $1,589,000 after acquiring an additional 346 shares during the period. Compass Financial Management LLC lifted its stake in shares of EMCOR Group by 11.4% in the third quarter. Compass Financial Management LLC now owns 615 shares of the construction company’s stock valued at $464,000 after buying an additional 63 shares during the period. AIA Group Ltd lifted its stake in shares of EMCOR Group by 97.0% in the third quarter. AIA Group Ltd now owns 1,044 shares of the construction company’s stock valued at $788,000 after buying an additional 514 shares during the period. Provenance Wealth Advisors LLC acquired a new stake in EMCOR Group during the third quarter worth about $347,000. Finally, Putney Financial Group LLC increased its stake in EMCOR Group by 8.1% during the third quarter. Putney Financial Group LLC now owns 903 shares of the construction company’s stock valued at $681,000 after acquiring an additional 68 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

About EMCOR Group

EMCOR Group, Inc provides construction, engineering, and building services through a network of specialty contracting businesses. Its core activities include electrical and mechanical construction, energy infrastructure, building systems, facilities services, and industrial maintenance. The company serves commercial, institutional, industrial, manufacturing, healthcare, education, government, and infrastructure customers.

Its services cover the design, installation, operation, maintenance, and upgrading of electrical, heating, ventilation, air-conditioning, plumbing, fire protection, and building automation systems.