Limbach (NASDAQ:LMB) Shares Down 9.8% – Here’s Why

Shares of Limbach Holdings, Inc. (NASDAQ:LMB) dropped 9.8% on Thursday . The company traded as low as $78.17 and last traded at $78.56. Approximately 217,335 shares traded hands during mid-day trading, an increase of 31% from the average daily volume of 165,731 shares. The stock had previously closed at $87.06.

Analysts Set New Price Targets

A number of research firms have issued reports on LMB. Weiss Ratings reiterated a “hold (c+)” rating on shares of Limbach in a report on Monday, December 29th. Zacks Research upgraded shares of Limbach from a “strong sell” rating to a “hold” rating in a research note on Monday, January 5th. Wall Street Zen lowered Limbach from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. JPMorgan Chase & Co. initiated coverage on Limbach in a report on Tuesday, February 3rd. They issued a “neutral” rating and a $100.00 target price for the company. Finally, Stifel Nicolaus lowered their target price on Limbach from $111.00 to $104.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $120.00.

Limbach Trading Up 0.7%

The company’s fifty day moving average is $85.70 and its two-hundred day moving average is $88.97. The company has a quick ratio of 1.43, a current ratio of 1.44 and a debt-to-equity ratio of 0.16. The stock has a market cap of $958.93 million, a price-to-earnings ratio of 25.34 and a beta of 1.32.

Limbach (NASDAQ:LMB) last posted its quarterly earnings results on Monday, March 2nd. The construction company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.26 by $0.14. Limbach had a net margin of 6.04% and a return on equity of 30.73%. The company had revenue of $186.87 million during the quarter, compared to analysts’ expectations of $197.56 million. During the same quarter in the previous year, the business posted $1.15 EPS. The firm’s revenue was up 30.1% on a year-over-year basis. On average, research analysts predict that Limbach Holdings, Inc. will post 2.54 EPS for the current fiscal year.

Limbach announced that its board has initiated a stock buyback program on Monday, December 15th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to repurchase up to 5.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at Limbach

In related news, insider Jay Sharp sold 2,000 shares of the business’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 transaction, the insider owned 64,979 shares in the company, valued at approximately $5,067,062.42. The trade was a 2.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 9.70% of the company’s stock.

Institutional Trading of Limbach

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Thrivent Financial for Lutherans lifted its holdings in Limbach by 353.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 735,121 shares of the construction company’s stock worth $71,395,000 after buying an additional 573,136 shares during the last quarter. Invesco Ltd. boosted its position in shares of Limbach by 2,041.6% during the 2nd quarter. Invesco Ltd. now owns 400,603 shares of the construction company’s stock worth $56,124,000 after acquiring an additional 381,897 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Limbach by 1,192.1% in the 2nd quarter. First Trust Advisors LP now owns 411,180 shares of the construction company’s stock valued at $57,606,000 after acquiring an additional 379,357 shares during the last quarter. Wasatch Advisors LP raised its position in shares of Limbach by 37.8% during the 4th quarter. Wasatch Advisors LP now owns 997,394 shares of the construction company’s stock worth $77,647,000 after acquiring an additional 273,818 shares in the last quarter. Finally, Neumeier Poma Investment Counsel LLC raised its position in shares of Limbach by 151.5% during the 4th quarter. Neumeier Poma Investment Counsel LLC now owns 318,238 shares of the construction company’s stock worth $24,775,000 after acquiring an additional 191,685 shares in the last quarter. 55.85% of the stock is currently owned by institutional investors and hedge funds.

About Limbach

Limbach Holdings, Inc (NASDAQ: LMB) is a U.S.-based mechanical construction firm specializing in the design, installation and maintenance of heating, ventilation and air conditioning (HVAC) systems, piping, plumbing and sheet metal fabrication. The company delivers comprehensive mechanical solutions to commercial, institutional, health care, education, government and industrial clients, drawing on its in-house engineering, prefabrication and construction management capabilities.

The company’s service offerings encompass full-scope mechanical construction, including energy system design, direct digital controls and building automation, retrofits, testing and balancing, preventive maintenance programs and emergency response services.