Sei Investments Co. reduced its holdings in shares of Emcor Group Inc (NYSE:EME) by 6.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 172,144 shares of the construction company’s stock after selling 11,232 shares during the period. Sei Investments Co.’s holdings in Emcor Group were worth $14,073,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Victory Capital Management Inc. increased its stake in Emcor Group by 3.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,202,317 shares of the construction company’s stock worth $152,797,000 after buying an additional 82,349 shares during the period. Ruane Cunniff & Goldfarb Inc. increased its position in shares of Emcor Group by 1.7% in the 3rd quarter. Ruane Cunniff & Goldfarb Inc. now owns 1,441,346 shares of the construction company’s stock valued at $100,001,000 after purchasing an additional 23,775 shares during the last quarter. 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 purchasing an additional 182,340 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Emcor Group by 6.5% in the 3rd quarter. Wells Fargo & Company MN now owns 1,068,029 shares of the construction company’s stock valued at $74,100,000 after purchasing an additional 65,047 shares during the last quarter. Finally, 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 purchasing an additional 364,172 shares during the last quarter. 95.19% of the stock is currently owned by hedge funds and other institutional investors.
In other Emcor Group news, Director William P. Reid sold 4,647 shares of the stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $82.90, for a total value of $385,236.30. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.00% of the company’s stock.
Emcor Group announced that its Board of Directors has approved a share buyback plan on Thursday, October 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the construction company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 30th. Shareholders of record on Tuesday, January 16th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date was Friday, January 12th. Emcor Group’s dividend payout ratio is presently 8.94%.
EME has been the topic of a number of recent analyst reports. Stifel Nicolaus reissued a “buy” rating and issued a $88.00 price objective (up from $75.00) on shares of Emcor Group in a research report on Wednesday, November 1st. Zacks Investment Research raised shares of Emcor Group from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research report on Tuesday, October 31st. KeyCorp reissued a “hold” rating on shares of Emcor Group in a research report on Friday, November 17th. Finally, ValuEngine downgraded shares of Emcor Group from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Emcor Group currently has a consensus rating of “Hold” and an average price target of $88.50.
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Emcor Group Profile
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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