Bridge City Capital LLC Raises Position in EMCOR Group, Inc. (EME)
Bridge City Capital LLC boosted its position in shares of EMCOR Group, Inc. (NYSE:EME) by 8.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,734 shares of the construction company’s stock after acquiring an additional 3,816 shares during the period. EMCOR Group accounts for about 2.5% of Bridge City Capital LLC’s holdings, making the stock its biggest position. Bridge City Capital LLC owned 0.08% of EMCOR Group worth $3,312,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of EME. Teachers Advisors LLC grew its stake in EMCOR Group by 6.4% during the first quarter. Teachers Advisors LLC now owns 530,988 shares of the construction company’s stock valued at $33,426,000 after acquiring an additional 32,043 shares in the last quarter. Vanguard Group Inc. lifted its position in EMCOR Group by 3.9% during the first quarter. Vanguard Group Inc. now owns 4,916,914 shares of the construction company’s stock valued at $309,520,000 after purchasing an additional 183,084 shares during the last quarter. Renaissance Technologies LLC bought a new stake in EMCOR Group during the first quarter valued at approximately $1,574,000. State Street Corp lifted its position in EMCOR Group by 0.7% during the first quarter. State Street Corp now owns 2,008,780 shares of the construction company’s stock valued at $126,456,000 after purchasing an additional 14,306 shares during the last quarter. Finally, Credit Suisse AG lifted its position in EMCOR Group by 24.9% during the first quarter. Credit Suisse AG now owns 107,145 shares of the construction company’s stock valued at $6,744,000 after purchasing an additional 21,379 shares during the last quarter. 93.10% of the stock is owned by institutional investors.
In other EMCOR Group news, Director Jerry E. Ryan sold 13,000 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $78.06, for a total transaction of $1,014,780.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.
Several equities research analysts have issued reports on EME shares. BidaskClub lowered shares of EMCOR Group from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Zacks Investment Research lowered shares of EMCOR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Stifel Nicolaus reiterated a “buy” rating and set a $88.00 target price (up from $75.00) on shares of EMCOR Group in a research report on Wednesday. Finally, KeyCorp reiterated a “hold” rating on shares of EMCOR Group in a research report on Friday, August 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. EMCOR Group has a consensus rating of “Hold” and a consensus price target of $83.33.
EMCOR Group (NYSE:EME) last released its earnings results on Thursday, October 26th. The construction company reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.27. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.93 billion. EMCOR Group had a net margin of 2.82% and a return on equity of 13.94%. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.85 EPS.
EMCOR Group announced that its Board of Directors has initiated a share repurchase plan on Thursday, October 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the construction company to repurchase up to 2.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, October 30th. Investors of record on Tuesday, October 17th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend was Monday, October 16th. EMCOR Group’s dividend payout ratio is 8.94%.
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About EMCOR Group
EMCOR Group, Inc is an electrical and mechanical construction, and facilities services firm in the United States. The Company provides building services and industrial services. Its segments are United States electrical construction and facilities services; United States mechanical construction and facilities services; United States building services; United States industrial services, and United Kingdom building services.
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