Mirae Asset Global Investments Co. Ltd. Makes New Investment in EMCOR Group, Inc. $EME

Mirae Asset Global Investments Co. Ltd. bought a new position in EMCOR Group, Inc. (NYSE:EME) during the third quarter, HoldingsChannel.com reports. The fund bought 14,039 shares of the construction company’s stock, valued at approximately $10,592,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of EMCOR Group in the 2nd quarter worth about $3,416,412,000. Deutsche Bank AG purchased a new stake in EMCOR Group during the 2nd quarter valued at about $342,273,000. Bank of America Corp DE purchased a new stake in EMCOR Group during the 2nd quarter valued at about $282,509,000. Bank of New York Mellon Corp bought a new stake in EMCOR Group during the 2nd quarter valued at about $207,597,000. Finally, Legal & General Group Plc bought a new stake in EMCOR Group during the 2nd quarter valued at about $168,025,000. 92.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on EME. Oppenheimer decreased their target price on shares of EMCOR Group from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a report on Monday. 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. UBS Group reduced their price target on shares of EMCOR Group from $1,065.00 to $925.00 and set a “buy” rating for the company in a research report on Wednesday. Zacks Research lowered shares of EMCOR Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Finally, DA Davidson set a $1,047.00 price objective on EMCOR Group in a research report on Monday, August 10th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, EMCOR Group has a consensus rating of “Moderate Buy” and a consensus price target of $931.86.

EMCOR Group Stock Down 9.8%

Shares of NYSE EME opened at $638.07 on Thursday. The firm’s 50-day moving average price is $737.59 and its 200-day moving average price is $779.62. The company has a market cap of $27.93 billion, a PE ratio of 21.64 and a beta of 1.16. EMCOR Group, Inc. has a 52-week low of $564.92 and a 52-week high of $951.96.

EMCOR Group (NYSE:EME) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $9.60 earnings per share for the quarter, beating the consensus estimate of $8.37 by $1.23. EMCOR Group had a net margin of 7.78% and a return on equity of 36.65%. The firm had revenue of $5.54 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same period in the previous year, the company earned $6.57 earnings per share. The firm’s quarterly revenue was up 28.8% on a year-over-year basis. As a group, equities research analysts anticipate that EMCOR Group, Inc. will post 34.79 EPS for the current fiscal year.

EMCOR Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Thursday, October 15th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Thursday, October 15th. EMCOR Group’s payout ratio is 4.62%.

EMCOR Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, October 29th that authorizes the company to repurchase $500 million in shares. This buyback authorization authorizes the construction company to reacquire up to 1.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its stock is undervalued.

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.