Allstate Corp Acquires Shares of 1,336 EMCOR Group, Inc. (NYSE:EME)

Allstate Corp bought a new stake in shares of EMCOR Group, Inc. (NYSE:EME) in the fourth quarter, Holdings Channel reports. The firm bought 1,336 shares of the construction company’s stock, valued at approximately $606,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Maridea Wealth Management LLC purchased a new stake in shares of EMCOR Group during the fourth quarter worth $261,000. Horizon Investment Services LLC lifted its holdings in shares of EMCOR Group by 0.8% during the 4th quarter. Horizon Investment Services LLC now owns 8,484 shares of the construction company’s stock valued at $3,851,000 after buying an additional 69 shares during the last quarter. Level Four Advisory Services LLC lifted its holdings in shares of EMCOR Group by 16.0% during the 4th quarter. Level Four Advisory Services LLC now owns 3,425 shares of the construction company’s stock valued at $1,555,000 after buying an additional 473 shares during the last quarter. denkapparat Operations GmbH acquired a new position in EMCOR Group in the fourth quarter worth approximately $457,000. Finally, Pictet Asset Management Holding SA raised its position in EMCOR Group by 6.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 62,783 shares of the construction company’s stock valued at $28,497,000 after acquiring an additional 3,824 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

EMCOR Group Stock Up 1.5 %

Shares of EMCOR Group stock opened at $375.10 on Wednesday. EMCOR Group, Inc. has a 12-month low of $319.49 and a 12-month high of $545.30. The stock has a market capitalization of $17.06 billion, a P/E ratio of 19.05 and a beta of 1.14. The stock has a 50 day moving average price of $418.39 and a two-hundred day moving average price of $451.53.

EMCOR Group (NYSE:EME) last posted its quarterly earnings data on Wednesday, February 26th. The construction company reported $6.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.79. The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.81 billion. EMCOR Group had a net margin of 6.51% and a return on equity of 34.99%. Sell-side analysts anticipate that EMCOR Group, Inc. will post 20.74 earnings per share for the current year.

EMCOR Group declared that its board has approved a stock buyback plan on Wednesday, February 26th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

EMCOR Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.27%. EMCOR Group’s payout ratio is presently 4.64%.

Insider Buying and Selling

In other news, CAO Maxine Lum Mauricio sold 1,250 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $370.07, for a total transaction of $462,587.50. Following the completion of the transaction, the chief accounting officer now directly owns 27,642 shares in the company, valued at $10,229,474.94. The trade was a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.26% of the stock is owned by insiders.

Analysts Set New Price Targets

EME has been the subject of several recent research reports. StockNews.com downgraded shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 25th. Stifel Nicolaus decreased their price objective on shares of EMCOR Group from $600.00 to $514.00 and set a “buy” rating for the company in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, EMCOR Group presently has an average rating of “Moderate Buy” and an average target price 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.