Blackhawk Capital Partners LLC has acquired a new stake in EMCOR Group, Inc. (NYSE: EME), purchasing 2,026 shares valued at approximately $1,316,000. This investment was disclosed in the firm’s latest filing with the Securities and Exchange Commission (SEC) for the third quarter of 2023. This move comes as several institutional investors and hedge funds adjust their holdings in the construction and services company.
Quent Capital LLC entered the market by purchasing shares of EMCOR Group in the same quarter for around $29,000. Similarly, Orion Capital Management LLC acquired a stake valued at $31,000. Notably, Tobam significantly increased its stake by 1,900% during the second quarter, now owning 80 shares worth $43,000 after adding 76 shares. Twin Peaks Wealth Advisors LLC and Hazlett Burt & Watson Inc. also expanded their positions, with the latter increasing its holdings by 37.5%.
Institutional investors now own approximately 92.59% of EMCOR Group’s stock, reflecting a strong interest in the company’s performance.
Insider Transactions and Current Stock Performance
In a related development, EMCOR Group’s Director, Robin A. Walker-Lee, sold 1,325 shares on November 3, 2023, at an average price of $677.22, amounting to a total of $897,316.50. Following this transaction, Walker-Lee holds 6,140 shares valued at approximately $4,158,130.80, marking a 17.75% decrease in ownership. According to the SEC filing, corporate insiders possess 0.83% of the company’s stock.
As of Friday, October 30, 2023, EMCOR Group’s stock opened at $694.95, reflecting a 1.1% decline. The company boasts a market capitalization of $31.11 billion, a price-to-earnings ratio of 27.94, and a beta of 1.17. The stock’s performance has fluctuated, with a 12-month low of $320.89 and a high of $778.64.
On the earnings front, EMCOR Group reported its quarterly results on October 30, 2023, achieving earnings per share of $6.57, in line with analysts’ expectations. The company reported revenue of $4.30 billion, surpassing the anticipated $4.27 billion and marking a year-over-year revenue increase of 16.4%.
Future Projections and Dividend Announcement
Looking ahead, EMCOR Group has set its fiscal year 2025 guidance at $25.00-$25.75 per share. Analysts project an average earnings per share of $20.74 for the current year. In a strategic move to enhance shareholder value, the Board of Directors approved a stock repurchase plan on December 18, 2023, allowing the company to buy back $500 million in shares, or up to 1.9% of its total shares.
The company also announced a quarterly dividend of $0.40 per share, payable on January 30, 2024, to shareholders on record as of January 14, 2024. This dividend, which represents an annualized amount of $1.60, is an increase from the previous quarterly dividend of $0.25. The dividend payout ratio stands at 6.43%.
EMCOR Group, Inc. specializes in mechanical and electrical construction, energy infrastructure, and facilities services for various sectors, including commercial and industrial clients. The company offers a comprehensive range of services encompassing design-build and traditional construction, facilities maintenance, and specialized industrial services.
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