NEOS Investment Management LLC Purchases New Position in EMCOR Group, Inc. $EME

NEOS Investment Management LLC acquired a new position in EMCOR Group, Inc. (NYSE:EME) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,914 shares of the construction company’s stock, valued at approximately $3,192,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in EMCOR Group by 17.6% in the third quarter. Vanguard Group Inc. now owns 5,332,636 shares of the construction company’s stock worth $3,463,760,000 after purchasing an additional 798,975 shares during the last quarter. Norges Bank purchased a new position in shares of EMCOR Group in the 2nd quarter worth $344,548,000. Burgundy Asset Management Ltd. increased its holdings in shares of EMCOR Group by 2.9% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 530,457 shares of the construction company’s stock worth $283,736,000 after buying an additional 14,935 shares during the last quarter. Nordea Investment Management AB raised its position in shares of EMCOR Group by 3.1% during the 3rd quarter. Nordea Investment Management AB now owns 407,292 shares of the construction company’s stock valued at $262,206,000 after buying an additional 12,182 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of EMCOR Group by 40.2% in the 2nd quarter. American Century Companies Inc. now owns 349,517 shares of the construction company’s stock valued at $186,953,000 after acquiring an additional 100,144 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

EMCOR Group Stock Up 2.6%

EME opened at $803.26 on Friday. The company has a market cap of $35.96 billion, a P/E ratio of 32.30 and a beta of 1.17. The firm’s 50-day moving average price is $688.33 and its 200-day moving average price is $657.40. EMCOR Group, Inc. has a 52-week low of $320.89 and a 52-week high of $835.00.

EMCOR Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, December 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 1.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

EMCOR Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, January 14th were given a $0.40 dividend. This is an increase from EMCOR Group’s previous quarterly dividend of $0.25. This represents a $1.60 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Wednesday, January 14th. EMCOR Group’s payout ratio is currently 6.43%.

Wall Street Analyst Weigh In

EME has been the topic of several recent research reports. Robert W. Baird set a $713.00 price target on EMCOR Group in a report on Friday, October 31st. DA Davidson boosted their target price on shares of EMCOR Group from $725.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Zacks Research cut shares of EMCOR Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of EMCOR Group in a report on Wednesday, January 21st. Finally, Stifel Nicolaus upped their target price on shares of EMCOR Group from $713.00 to $754.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, EMCOR Group has a consensus rating of “Moderate Buy” and a consensus price target of $698.83.

EMCOR Group Profile

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.