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Strong Results Fuelled a 62% Lift in EMCOR Group (EME) Stock in Q1

Soumya Eswaran
·2-min read

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the fund returned 5.77% (net), compared to a 7.58% return for the Russell 2000 Growth Index. Despite a decline in many equity markets in January, they rebounded over the following two months, resulting in a robust 2024 first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like EMCOR Group, Inc. (NYSE:EME) in the fourth quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, EMCOR Group, Inc. (NYSE:EME) offers construction and facilities, building, and industrial services. The one-month return of EMCOR Group, Inc. (NYSE:EME) was -3.21%, and its shares gained 119.83% of their value over the last 52 weeks. On June 20, 2024, EMCOR Group, Inc. (NYSE:EME) stock closed at $385.91 per share with a market capitalization of $18.163 billion.

TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding EMCOR Group, Inc. (NYSE:EME) in its first quarter 2024 investor letter:

Many of our Industrial positions provide necessary business-to-business operational services, highly technical components, automation & efficiency improvements, or essential infrastructure services. EMCOR Group, Inc. (NYSE:EME) supplies electrical, mechanical, and facilities services. The company’s strong results fueled a 62% increase in the stock price. Highlights from the quarter included improved margins and a record level of backlog. We trimmed the position on this strength.

A construction crew working on a modern electrical installation in a commercial building.

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EMCOR Group, Inc. (NYSE:EME) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held EMCOR Group, Inc. (NYSE:EME) at the end of the first quarter which was 41 in the previous quarter. The first quarter revenues of EMCOR Group, Inc. (NYSE:EME) grew by 18.7% to $3.43 billion (see the details here). While we acknowledge the potential of EMCOR Group, Inc. (NYSE:EME) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

TimesSquare Capital Management commented about EMCOR Group, Inc. (NYSE:EME) in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.