Principal Financial Group Inc. Reduces Stock Position in EMCOR Group, Inc. $EME

Principal Financial Group Inc. decreased its position in shares of EMCOR Group, Inc. (NYSE:EME) by 55.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,478 shares of the construction company’s stock after selling 77,919 shares during the quarter. Principal Financial Group Inc. owned 0.14% of EMCOR Group worth $39,932,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of EME. Norges Bank acquired a new stake in EMCOR Group during the 2nd quarter valued at approximately $344,548,000. Nordea Investment Management AB lifted its position in EMCOR Group by 63.8% during the second quarter. Nordea Investment Management AB now owns 395,110 shares of the construction company’s stock valued at $210,278,000 after purchasing an additional 153,948 shares during the period. Federated Hermes Inc. boosted its holdings in EMCOR Group by 56.4% in the second quarter. Federated Hermes Inc. now owns 322,437 shares of the construction company’s stock valued at $172,468,000 after purchasing an additional 116,289 shares during the last quarter. American Century Companies Inc. grew its position in EMCOR Group by 40.2% during the 2nd quarter. American Century Companies Inc. now owns 349,517 shares of the construction company’s stock worth $186,953,000 after purchasing an additional 100,144 shares during the period. Finally, Symphony Financial Ltd. Co. acquired a new position in shares of EMCOR Group in the 2nd quarter valued at about $47,504,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on EME shares. Weiss Ratings reiterated a “buy (b)” rating on shares of EMCOR Group in a research report on Wednesday, January 21st. Zacks Research cut shares of EMCOR Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Stifel Nicolaus boosted their target price on shares of EMCOR Group from $713.00 to $754.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Robert W. Baird set a $713.00 price objective on shares of EMCOR Group in a report on Friday, October 31st. Finally, Wall Street Zen lowered shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, EMCOR Group presently has an average rating of “Moderate Buy” and an average target price of $698.83.

EMCOR Group Stock Up 1.2%

Shares of NYSE EME opened at $717.08 on Friday. The firm has a market cap of $32.10 billion, a price-to-earnings ratio of 28.83 and a beta of 1.17. The company’s 50-day simple moving average is $654.89 and its 200-day simple moving average is $644.73. EMCOR Group, Inc. has a 52-week low of $320.89 and a 52-week high of $778.64.

EMCOR Group declared that its Board of Directors has authorized a share repurchase plan on Thursday, December 18th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 1.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

EMCOR Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, January 14th were paid a dividend of $0.40 per share. This is an increase from EMCOR Group’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, January 14th. This represents a $1.60 annualized dividend and a yield of 0.2%. EMCOR Group’s dividend payout ratio (DPR) is presently 6.43%.

About EMCOR Group

EMCOR Group, Inc is a provider of mechanical and electrical construction, industrial and energy infrastructure, and facilities services to commercial, institutional and industrial clients. The company delivers a broad range of services that include design-build and traditional construction of mechanical, electrical and plumbing systems; ongoing facilities maintenance and operations; and specialized industrial services for sectors such as manufacturing, data centers, healthcare and utilities.

EMCOR’s service offerings encompass HVAC, plumbing, electrical installation and maintenance, fire protection, building automation and controls, commissioning, testing and balancing, and energy management solutions.