Meeder Asset Management Inc. Grows Position in Emcor Group Inc (EME)
Meeder Asset Management Inc. lifted its position in Emcor Group Inc (NYSE:EME) by 36.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 3,730 shares of the construction company’s stock after acquiring an additional 990 shares during the period. Meeder Asset Management Inc.’s holdings in Emcor Group were worth $306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EME. Allianz Asset Management GmbH acquired a new position in shares of Emcor Group in the 3rd quarter valued at $25,720,000. Schwab Charles Investment Management Inc. increased its position in shares of Emcor Group by 80.2% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 818,050 shares of the construction company’s stock valued at $66,863,000 after acquiring an additional 364,172 shares during the period. Prudential Financial Inc. increased its position in shares of Emcor Group by 19.8% in the 3rd quarter. Prudential Financial Inc. now owns 1,102,699 shares of the construction company’s stock valued at $76,506,000 after acquiring an additional 182,340 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Emcor Group by 368.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 215,939 shares of the construction company’s stock valued at $17,653,000 after acquiring an additional 169,890 shares during the period. Finally, Boston Advisors LLC increased its position in shares of Emcor Group by 210.9% in the 4th quarter. Boston Advisors LLC now owns 233,324 shares of the construction company’s stock valued at $19,074,000 after acquiring an additional 158,288 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on EME shares. Zacks Investment Research downgraded Emcor Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $88.00 price target (up from $75.00) on shares of Emcor Group in a research report on Thursday, October 26th. ValuEngine downgraded Emcor Group from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Emcor Group in a research report on Friday, November 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $88.50.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 30th. Shareholders of record on Tuesday, January 16th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date was Friday, January 12th. Emcor Group’s dividend payout ratio is currently 8.94%.
Emcor Group announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In other Emcor Group news, Director William P. Reid sold 4,647 shares of the stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $82.90, for a total transaction of $385,236.30. The sale was disclosed in a filing with the SEC, which is available through this link. 2.00% of the stock is currently owned by company insiders.
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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