Stock Buyback Plan Authorized by Limbach (NASDAQ:LMB) Board of Directors

Limbach (NASDAQ:LMB) declared that its board has approved a share buyback plan on Monday, December 15th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 5.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Stifel Nicolaus dropped their price target on Limbach from $119.00 to $111.00 and set a “buy” rating for the company in a research note on Tuesday. Wall Street Zen cut Limbach from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 8th. Zacks Research downgraded Limbach from a “hold” rating to a “strong sell” rating in a research report on Friday, November 7th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Limbach in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $133.50.

Limbach Trading Down 2.8%

Shares of LMB stock opened at $79.03 on Thursday. The business has a 50-day moving average of $81.63 and a 200 day moving average of $108.31. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.43 and a quick ratio of 1.43. Limbach has a 1-year low of $63.02 and a 1-year high of $154.05. The stock has a market capitalization of $919.12 million, a PE ratio of 26.00 and a beta of 1.26.

Limbach (NASDAQ:LMB) last announced its quarterly earnings results on Tuesday, November 4th. The construction company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.04). Limbach had a return on equity of 30.80% and a net margin of 6.06%.The company had revenue of $184.58 million during the quarter, compared to analysts’ expectations of $184.48 million. During the same period last year, the firm earned $0.62 earnings per share. Limbach’s revenue for the quarter was up 37.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Limbach will post 2.54 earnings per share for the current year.

Insider Activity at Limbach

In related news, insider Jay Sharp sold 2,000 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $77.98, for a total transaction of $155,960.00. Following the completion of the sale, the insider directly owned 64,979 shares in the company, valued at $5,067,062.42. This represents a 2.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 9.70% of the stock is currently owned by insiders.

About Limbach

Limbach Holdings, Inc operates as a building systems solution company in the United States. It operates through two segments, General Contractor Relationships and Owner Direct Relationships. The company engages in the construction and renovation projects that involve primarily include mechanical, plumbing, and electrical services.