Emcor Group Inc. (EME) Reaches New 52-Week High Following Dividend Announcement
Emcor Group Inc. (NYSE:EME) shares hit a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as $60.55 and last traded at $59.42, with a volume of 158,347 shares traded. The stock had previously closed at $59.66.
The newly announced dividend which will be paid on Friday, October 28th. Stockholders of record on Monday, October 17th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Thursday, October 13th. Emcor Group’s dividend payout ratio (DPR) is presently 10.92%.
Several research firms have recently issued reports on EME. Zacks Investment Research downgraded Emcor Group from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. FBR & Co lifted their price target on Emcor Group from $52.00 to $62.00 and gave the stock a “mkt perform” rating in a research note on Tuesday, August 16th. Finally, Sidoti started coverage on shares of Emcor Group in a research note on Tuesday, June 21st. They issued a “buy” rating for the company. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $57.00.
The stock has a market capitalization of $3.60 billion, a PE ratio of 20.24 and a beta of 1.09. The firm’s 50-day moving average is $57.41 and its 200 day moving average is $51.39.
Emcor Group (NYSE:EME) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.24. Emcor Group had a return on equity of 12.33% and a net margin of 2.55%. The company earned $1.93 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter in the prior year, the business posted $0.74 earnings per share. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. On average, analysts expect that Emcor Group Inc. will post $3.10 earnings per share for the current fiscal year.
In other news, SVP Maxine Lum Mauricio sold 1,386 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $56.35, for a total value of $78,101.10. Following the completion of the transaction, the senior vice president now owns 15,493 shares of the company’s stock, valued at $873,030.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David A. B. Brown sold 5,851 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $55.25, for a total value of $323,267.75. Following the completion of the transaction, the director now directly owns 22,076 shares of the company’s stock, valued at approximately $1,219,699. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in EME. BlackRock Inc. boosted its position in Emcor Group by 52.9% in the first quarter. BlackRock Inc. now owns 20,346 shares of the company’s stock valued at $989,000 after buying an additional 7,035 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Emcor Group by 29.7% in the first quarter. Nuveen Asset Management LLC now owns 105,925 shares of the company’s stock valued at $5,148,000 after buying an additional 24,230 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Emcor Group by 12.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,721,433 shares of the company’s stock valued at $83,662,000 after buying an additional 184,094 shares during the last quarter. Hancock Holding Co. acquired a new position in Emcor Group during the first quarter valued at about $1,021,000. Finally, Genesee Valley Trust Co. boosted its position in Emcor Group by 1.9% in the second quarter. Genesee Valley Trust Co. now owns 22,003 shares of the company’s stock valued at $1,084,000 after buying an additional 400 shares during the last quarter. 96.88% of the stock is owned by institutional investors.
About Emcor Group
EMCOR Group, Inc is an electrical and mechanical construction, and facilities services firm in the United States. The Company provides a number of building services and industrial services. The Company’s 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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