EMCOR Group (NYSE:EME - Get Free Report) announced that its board has initiated a share repurchase plan on Thursday, October 29th, RTT News reports. The company plans to buy back $500 million in shares. This repurchase authorization authorizes the construction company to purchase up to 1.7% of its stock through open market purchases. Share repurchase plans are generally a sign that the company's board believes its stock is undervalued.