EMCOR Group (NYSE:EME) Updates FY24 Earnings Guidance

EMCOR Group (NYSE:EME) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $15.50-16.50 for the period, compared to the consensus estimate of $14.13. The company issued revenue guidance of $14.0-14.5 billion, compared to the consensus revenue estimate of $13.71 billion. EMCOR Group also updated its FY 2024 guidance to 15.500-16.500 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EME. DA Davidson reiterated a buy rating and set a $375.00 target price on shares of EMCOR Group in a research note on Friday, March 22nd. KeyCorp began coverage on EMCOR Group in a report on Wednesday, January 10th. They issued a sector weight rating on the stock.

EMCOR Group Price Performance

EMCOR Group stock traded up $4.61 during midday trading on Friday, hitting $353.96. The company’s stock had a trading volume of 609,345 shares, compared to its average volume of 427,447. The company has a market cap of $16.66 billion, a price-to-earnings ratio of 26.46 and a beta of 1.10. EMCOR Group has a 1-year low of $161.49 and a 1-year high of $369.53. The company has a 50-day moving average price of $326.74 and a two-hundred day moving average price of $254.57.

EMCOR Group (NYSE:EME) last released its quarterly earnings results on Thursday, April 25th. The construction company reported $4.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $1.25. The company had revenue of $3.43 billion during the quarter. EMCOR Group had a net margin of 5.03% and a return on equity of 28.41%. Sell-side analysts forecast that EMCOR Group will post 14.5 EPS for the current year.

EMCOR Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Tuesday, April 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.28%. This is an increase from EMCOR Group’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 15th. EMCOR Group’s dividend payout ratio is presently 7.51%.

Insider Buying and Selling

In related news, CEO Anthony Guzzi sold 6,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $319.65, for a total transaction of $1,917,900.00. Following the completion of the sale, the chief executive officer now owns 219,023 shares of the company’s stock, valued at $70,010,701.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

About EMCOR Group

EMCOR Group, Inc provides construction and facilities, building, and industrial services in the United States and the United Kingdom. It offers design, integration, installation, start-up, operation, and maintenance services related to power transmission, distribution, and generation systems; energy solutions; premises electrical and lighting systems; process instrumentation; low-voltage systems; voice and data communications systems; roadway and transit lighting, signaling, and fiber optic lines; computerized traffic control systems, and signal and communication equipment; heating, ventilation, air conditioning, refrigeration, and geothermal solutions; clean-room process ventilation systems; fire protection and suppression systems; plumbing, process, and high-purity piping systems; controls and filtration systems; water and wastewater treatment systems; central plant heating and cooling systems; crane and rigging services; millwright services; and steel fabrication, erection, and welding services.