Franklin Resources Inc. has significantly reduced its investment in EMCOR Group, Inc. (NYSE: EME) by selling 19,671 shares, resulting in a 27.2% decrease in its stake during the second quarter of 2023. Following this transaction, Franklin Resources now holds 52,620 shares in the construction company, valued at approximately $28.1 million according to its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also adjusted their positions in EMCOR Group recently. Notably, New Vernon Capital Holdings II LLC acquired a new stake worth $114.2 million in the first quarter, while Jones Financial Companies Lllp remarkably increased its stake by 56,287.8%, now holding 286,450 shares valued at $105.9 million. AQR Capital Management LLC expanded its holdings by 43.6%, bringing its total to 703,456 shares worth $253.1 million. Other notable investments include Nuveen LLC’s new stake valued at $71.8 million and Nordea Investment Management AB’s 63.8% increase, now owning 395,110 shares worth $210.3 million. Overall, institutional investors hold 92.59% of EMCOR Group’s stock.
Current Market Performance and Dividends
On October 30, 2023, EMCOR Group’s stock opened at $611.22. The company boasts a market capitalization of $27.4 billion and a price-to-earnings ratio of 25.36. The stock has shown volatility over the past year, with a low of $320.89 and a high of $778.64. The company’s debt-to-equity ratio stands at 0.08, while its quick and current ratios are 1.15 and 1.18, respectively.
Additionally, EMCOR Group recently announced a quarterly dividend of $0.25 per share, paid on October 30, 2023, to investors recorded as of October 15, 2023. This results in an annualized dividend of $1.00 and a yield of 0.2%. The company’s payout ratio is currently 4.02%.
Analyst Ratings and Insider Activity
Stock analysts have varied opinions on EMCOR Group’s future. As of late October 2023, Robert W. Baird set a target price of $713.00, while Northcoast Research downgraded their rating from “buy” to “neutral,” setting a target of $500.00. Zacks Research lowered its rating from “strong-buy” to “hold,” and Weiss Ratings reaffirmed a “buy (b)” rating. Stifel Nicolaus increased their target price from $692.00 to $718.00 and maintained a “buy” rating.
Currently, one analyst rates the stock as a Strong Buy, eight as Buy, and four as Hold, reflecting a “Moderate Buy” consensus with an average target price of $692.83, according to MarketBeat.com.
In related news, 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 approximately $897,316.50. Following this sale, Walker-Lee’s remaining shares are valued at around $4.16 million, marking a 17.75% decrease in their position. Insiders currently own 0.83% of the company’s stock.
Company Overview
EMCOR Group, Inc. offers a range of construction and facilities management services across the United States and the United Kingdom. It specializes in various areas, including power transmission, energy solutions, HVAC systems, plumbing, fire protection, and steel fabrication, among others. The company continues to adapt its services to meet evolving market demands while maintaining a strong financial position.
For those interested in further details about EMCOR Group and market activities, additional insights can be found through platforms like HoldingsChannel.com and MarketBeat.com.
