EMCOR Group, Inc. (NYSE:EME) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its position in EMCOR Group, Inc. (NYSE:EME) by 5.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 52,255 shares of the construction company’s stock after selling 3,133 shares during the quarter. Corebridge Financial Inc. owned about 0.11% of EMCOR Group worth $23,719,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. World Investment Advisors LLC acquired a new stake in EMCOR Group during the 3rd quarter worth $100,282,000. Nordea Investment Management AB raised its holdings in shares of EMCOR Group by 2,246.2% in the fourth quarter. Nordea Investment Management AB now owns 142,578 shares of the construction company’s stock valued at $65,036,000 after buying an additional 136,501 shares during the last quarter. Swedbank AB boosted its stake in shares of EMCOR Group by 399.4% during the fourth quarter. Swedbank AB now owns 153,443 shares of the construction company’s stock worth $69,648,000 after buying an additional 122,716 shares during the period. American Century Companies Inc. grew its holdings in shares of EMCOR Group by 81.6% during the fourth quarter. American Century Companies Inc. now owns 213,947 shares of the construction company’s stock worth $97,111,000 after buying an additional 96,108 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of EMCOR Group during the fourth quarter worth about $42,380,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on EME. StockNews.com downgraded EMCOR Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 25th. Stifel Nicolaus lowered their price objective on shares of EMCOR Group from $600.00 to $514.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $497.25.

Insider Buying and Selling

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

EMCOR Group Trading Up 4.7 %

Shares of EME stock opened at $413.64 on Tuesday. The stock has a 50 day simple moving average of $433.40 and a 200-day simple moving average of $451.24. The company has a market cap of $18.81 billion, a price-to-earnings ratio of 21.01 and a beta of 1.14. EMCOR Group, Inc. has a 12-month low of $319.49 and a 12-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 (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.79. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.81 billion. EMCOR Group had a return on equity of 34.99% and a net margin of 6.51%. On average, equities analysts forecast that EMCOR Group, Inc. will post 20.74 earnings per share for the current fiscal year.

EMCOR Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Thursday, January 16th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.24%. The ex-dividend date was Thursday, January 16th. EMCOR Group’s dividend payout ratio (DPR) is 4.64%.

EMCOR Group declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 26th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the construction company to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.