EMCOR Group, Inc. $EME Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its stake in EMCOR Group, Inc. (NYSE:EME) by 10.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,210 shares of the construction company’s stock after selling 5,821 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.11% of EMCOR Group worth $36,376,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. purchased a new position in EMCOR Group during the 2nd quarter worth $3,416,412,000. First Trust Advisors LP grew its stake in shares of EMCOR Group by 7.3% in the 1st quarter. First Trust Advisors LP now owns 630,406 shares of the construction company’s stock worth $465,435,000 after acquiring an additional 42,949 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of EMCOR Group by 9.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 416,734 shares of the construction company’s stock valued at $345,839,000 after purchasing an additional 34,358 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of EMCOR Group in the second quarter valued at about $342,273,000. Finally, Value Aligned Research Advisors LLC raised its holdings in shares of EMCOR Group by 56.6% in the second quarter. Value Aligned Research Advisors LLC now owns 349,960 shares of the construction company’s stock valued at $290,425,000 after purchasing an additional 126,439 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on EME. Weiss Ratings cut shares of EMCOR Group from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 27th. DA Davidson set a $1,047.00 target price on shares of EMCOR Group in a research report on Monday, August 10th. Oppenheimer cut their target price on EMCOR Group from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research note on Monday, November 2nd. Cantor Fitzgerald decreased their price target on EMCOR Group from $1,047.00 to $920.00 and set an “overweight” rating for the company in a research report on Monday, November 2nd. Finally, Robert W. Baird lifted their price target on EMCOR Group from $900.00 to $918.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, EMCOR Group currently has an average rating of “Moderate Buy” and an average price target of $902.88.

EMCOR Group Stock Down 1.3%

EMCOR Group stock opened at $644.38 on Wednesday. EMCOR Group, Inc. has a twelve month low of $564.92 and a twelve month high of $951.96. The firm has a 50 day moving average price of $727.24 and a 200-day moving average price of $778.13. The company has a market capitalization of $28.21 billion, a P/E ratio of 18.61 and a beta of 1.16.

EMCOR Group (NYSE:EME) last posted its quarterly earnings results on Thursday, October 29th. The construction company reported $9.60 EPS for the quarter, topping analysts’ consensus estimates of $8.37 by $1.23. EMCOR Group had a net margin of 7.78% and a return on equity of 36.65%. The company had revenue of $5.54 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the previous year, the firm posted $6.57 EPS. EMCOR Group’s revenue was up 28.8% on a year-over-year basis. Equities analysts expect that EMCOR Group, Inc. will post 34.79 EPS for the current fiscal year.

EMCOR Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 15th were paid a dividend of $0.40 per share. The ex-dividend date was Thursday, October 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.2%. EMCOR Group’s dividend payout ratio is presently 4.62%.

EMCOR Group declared that its board has authorized a stock repurchase program on Thursday, October 29th that allows the company to repurchase $500 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 1.7% of its shares through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

EMCOR Group Company Profile

EMCOR Group is a provider of mechanical and electrical construction and facilities services. Through its operating companies, it designs, installs, maintains and upgrades building systems and related infrastructure for commercial, industrial, institutional and government customers. Its services include heating, ventilation and air conditioning; electrical and power systems; plumbing and piping; building automation; energy infrastructure; and ongoing facilities management. The company also provides industrial services, such as maintenance and support for process and manufacturing facilities.