Emcor to boost dividend by 63%
Shares of Emcor Group Inc.
EME,
rose 0.6% in afternoon trading Wednesday, after the mechanical and electrical construction and building services company announced plans to boost its quarterly dividend by 62.5%, to 13 cents a share from 8 cents a share. The company expects to pay the new dividend on Jan. 29 to shareholders of record on Jan. 19. Chief Executive Tony Guzzi said the dividend was being raised because of “confidence in the financial strength and futures prospects of Emcore in 2021 and beyond.” Based on current stock prices, the new annual dividend rate implies a dividend yield of 0.58%, which compares with the implied yield for the S&P 500
SPX,
of 1.56%. The stock has edged up 4.3% year to date, while the S&P 500 has gained 14.7%.
