Norges Bank Invests $299.86 Million in EMCOR Group, Inc. (NYSE:EME)

Norges Bank bought a new stake in EMCOR Group, Inc. (NYSE:EME) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 660,618 shares of the construction company’s stock, valued at approximately $299,855,000.

A number of other hedge funds have also bought and sold shares of the business. True Wealth Design LLC grew its stake in EMCOR Group by 3,466.7% in the 3rd quarter. True Wealth Design LLC now owns 107 shares of the construction company’s stock valued at $46,000 after purchasing an additional 104 shares during the period. SJS Investment Consulting Inc. boosted its holdings in shares of EMCOR Group by 494.7% in the 4th quarter. SJS Investment Consulting Inc. now owns 113 shares of the construction company’s stock worth $51,000 after buying an additional 94 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in EMCOR Group by 14.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 199 shares of the construction company’s stock valued at $90,000 after buying an additional 25 shares during the period. Private Trust Co. NA increased its holdings in EMCOR Group by 153.6% during the third quarter. Private Trust Co. NA now owns 246 shares of the construction company’s stock worth $106,000 after buying an additional 149 shares during the last quarter. Finally, Whittier Trust Co. raised its position in EMCOR Group by 40.2% in the fourth quarter. Whittier Trust Co. now owns 279 shares of the construction company’s stock worth $127,000 after acquiring an additional 80 shares during the period. 92.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

EMCOR Group Stock Down 2.1 %

EME opened at $371.22 on Friday. The company has a market capitalization of $16.88 billion, a price-to-earnings ratio of 18.85 and a beta of 1.14. The firm has a 50-day moving average price of $424.19 and a 200-day moving average price of $451.35. EMCOR Group, Inc. has a twelve month low of $319.49 and a twelve month high of $545.30.

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, beating analysts’ consensus estimates of $5.53 by $0.79. The business had revenue of $3.77 billion during 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%. On average, sell-side analysts expect that EMCOR Group, Inc. will post 20.74 earnings per share for the current fiscal year.

EMCOR Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders 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 annualized dividend and a yield of 0.27%. EMCOR Group’s dividend payout ratio is currently 4.64%.

EMCOR Group announced that its board has initiated a stock buyback plan on Wednesday, February 26th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the construction company to buy up to 2.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at EMCOR Group

In other EMCOR Group news, CAO Maxine Lum Mauricio sold 1,250 shares of the firm’s stock in a transaction 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 completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.26% of the company’s stock.

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.