Emcor Group Inc. (EME) Announces Quarterly Earnings Results
Emcor Group Inc. (NYSE:EME) posted its quarterly earnings results on Thursday. The company reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.09. Emcor Group had a return on equity of 12.33% and a net margin of 2.55%. The firm earned $1.92 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the company earned $0.66 earnings per share. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. Emcor Group updated its FY16 guidance to $3.10-3.20 EPS.
Emcor Group (NYSE:EME) traded up 5.71% during midday trading on Thursday, reaching $59.47. The company’s stock had a trading volume of 548,550 shares. Emcor Group has a one year low of $40.98 and a one year high of $60.56. The firm has a 50 day moving average price of $57.56 and a 200 day moving average price of $52.44. The firm has a market cap of $3.62 billion, a P/E ratio of 20.31 and a beta of 1.10.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Monday, October 17th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, October 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.57%. Emcor Group’s payout ratio is 10.92%.
In other Emcor Group news, Director David A. B. Brown sold 5,851 shares of Emcor Group stock in a transaction on Thursday, August 4th. The shares were 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 owns 22,076 shares of the company’s stock, valued at $1,219,699. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jerry E. Ryan sold 6,202 shares of Emcor Group stock in a transaction on Monday, August 1st. The shares were sold at an average price of $55.42, for a total transaction of $343,714.84. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EME. State Street Corp boosted its position in Emcor Group by 51.8% in the second quarter. State Street Corp now owns 1,965,686 shares of the company’s stock worth $96,827,000 after buying an additional 670,717 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new position in Emcor Group during the second quarter worth $29,590,000. Hahn Capital Management LLC purchased a new position in Emcor Group during the first quarter worth $13,492,000. Vanguard Group Inc. boosted its position in Emcor Group by 5.0% in the second quarter. Vanguard Group Inc. now owns 4,765,101 shares of the company’s stock worth $234,729,000 after buying an additional 227,669 shares during the last quarter. Finally, 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 worth $83,662,000 after buying an additional 184,094 shares during the last quarter. 96.91% of the stock is owned by institutional investors.
A number of brokerages recently issued reports on EME. Zacks Investment Research upgraded Emcor Group from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Monday, August 1st. FBR & Co increased their price objective on Emcor Group from $52.00 to $62.00 and gave the stock a “mkt perform” rating in a research report on Tuesday, August 16th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. Emcor Group presently has an average rating of “Buy” and an average price target of $57.75.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.