EMCOR Group (NYSE:EME) Stock Gets Price Target Trim from Oppenheimer

by · The Cerbat Gem

EMCOR Group (NYSE:EME – Free Report) had its price target decreased by Oppenheimer from $1,200.00 to $1,000.00 in a research report released on Monday,Benzinga reports. Oppenheimer currently has an outperform rating on the construction company’s stock.

Other research analysts also recently issued research reports about the stock. Robert W. Baird raised their target price on shares of EMCOR Group from $900.00 to $918.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. DA Davidson set a $1,047.00 price target on shares of EMCOR Group in a research report on Monday, August 10th. The Goldman Sachs Group dropped their price objective on shares of EMCOR Group from $885.00 to $795.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 20th. UBS Group reissued a “buy” rating and set a $1,065.00 price objective (up from $975.00) on shares of EMCOR Group in a report on Friday, October 9th. Finally, Cantor Fitzgerald cut their price objective on shares of EMCOR Group from $1,047.00 to $920.00 and set an “overweight” rating on the stock in a report on Monday. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, EMCOR Group currently has a consensus rating of “Moderate Buy” and an average target price of $931.86.

View Our Latest Research Report on EMCOR Group

EMCOR Group Trading Down 9.8%

Shares of EME stock opened at $638.07 on Monday. EMCOR Group has a twelve month low of $564.92 and a twelve month high of $951.96. The stock has a fifty day simple moving average of $737.59 and a two-hundred day simple moving average of $779.62. The stock has a market capitalization of $27.93 billion, a price-to-earnings ratio of 21.64 and a beta of 1.16.

EMCOR Group (NYSE:EME – Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The construction company reported $9.60 EPS for the quarter, beating the consensus estimate of $8.37 by $1.23. The firm had revenue of $5.54 billion for the quarter, compared to analyst estimates of $5.19 billion. EMCOR Group had a return on equity of 36.65% and a net margin of 7.78%. The business’s revenue for the quarter was up 28.8% on a year-over-year basis. During the same quarter last year, the firm posted $6.57 earnings per share. Research analysts predict that EMCOR Group will post 34.79 EPS for the current fiscal year.

EMCOR Group announced that its Board of Directors has authorized a share buyback program on Thursday, October 29th that allows the company to buy back $500 million in outstanding shares. This buyback authorization allows the construction company to repurchase up to 1.7% of its shares through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

EMCOR Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Thursday, October 15th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.3%. The ex-dividend date was Thursday, October 15th. EMCOR Group’s payout ratio is 4.62%.

Hedge Funds Weigh In On EMCOR Group

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of EMCOR Group during the 2nd quarter valued at approximately $3,416,412,000. Deutsche Bank AG acquired a new stake in shares of EMCOR Group during the second quarter worth approximately $342,273,000. Bank of America Corp DE bought a new stake in shares of EMCOR Group in the second quarter worth $282,509,000. Bank of New York Mellon Corp bought a new stake in shares of EMCOR Group in the second quarter worth $207,597,000. Finally, Legal & General Group Plc bought a new stake in shares of EMCOR Group in the second quarter worth $168,025,000. 92.59% of the stock is owned by institutional investors and hedge funds.

About EMCOR Group

(Get Free Report)

EMCOR Group, Inc provides construction, engineering, and building services through a network of specialty contracting businesses. Its core activities include electrical and mechanical construction, energy infrastructure, building systems, facilities services, and industrial maintenance. The company serves commercial, institutional, industrial, manufacturing, healthcare, education, government, and infrastructure customers.

Its services cover the design, installation, operation, maintenance, and upgrading of electrical, heating, ventilation, air-conditioning, plumbing, fire protection, and building automation systems.

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