JPMorgan Chase & Co. Cuts Limbach (NASDAQ:LMB) Price Target to $90.00

Limbach (NASDAQ:LMB) had its price target lowered by JPMorgan Chase & Co. from $100.00 to $90.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the construction company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 14.05% from the company’s current price.

Several other equities analysts also recently commented on LMB. Zacks Research upgraded Limbach from a “strong sell” rating to a “hold” rating in a research note on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Limbach in a research note on Monday, December 29th. Finally, Stifel Nicolaus cut their price target 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 analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Limbach currently has an average rating of “Moderate Buy” and a consensus price target of $116.67.

Limbach Stock Performance

LMB traded down $4.07 during trading on Thursday, hitting $78.91. 131,895 shares of the company traded hands, compared to its average volume of 177,608. Limbach has a one year low of $63.02 and a one year high of $154.05. The stock’s fifty day moving average is $85.32 and its 200 day moving average is $85.29. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.16. The firm has a market cap of $921.68 million, a P/E ratio of 24.42 and a beta of 1.32.

Limbach (NASDAQ:LMB) last announced its quarterly earnings data 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 business had revenue of $186.87 million for the quarter, compared to analyst estimates of $197.56 million. During the same quarter in the previous year, the firm posted $1.15 earnings per share. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. As a group, equities analysts predict that Limbach will post 2.54 EPS for the current fiscal year.

Limbach announced that its Board of Directors has initiated a share repurchase plan on Monday, December 15th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire up to 5.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Limbach

In other news, CFO Jayme L. Brooks sold 9,910 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $78.56, for a total value of $778,529.60. Following the completion of the transaction, the chief financial officer directly owned 140,750 shares of the company’s stock, valued at $11,057,320. This trade represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jay Sharp sold 2,000 shares of Limbach stock in a transaction on Monday, March 16th. The shares were sold at an average price of $79.99, for a total value of $159,980.00. Following the completion of the transaction, the executive vice president owned 79,027 shares of the company’s stock, valued at approximately $6,321,369.73. This trade represents a 2.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 9.70% of the company’s stock.

Institutional Trading of Limbach

Several institutional investors and hedge funds have recently bought and sold shares of LMB. Thrivent Financial for Lutherans boosted its holdings in Limbach by 353.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 735,121 shares of the construction company’s stock valued at $71,395,000 after purchasing an additional 573,136 shares during the period. Invesco Ltd. boosted its stake in Limbach by 2,041.6% during the second quarter. Invesco Ltd. now owns 400,603 shares of the construction company’s stock valued at $56,124,000 after buying an additional 381,897 shares during the period. First Trust Advisors LP grew its position in Limbach by 1,192.1% during the second quarter. First Trust Advisors LP now owns 411,180 shares of the construction company’s stock worth $57,606,000 after buying an additional 379,357 shares in the last quarter. Wasatch Advisors LP increased its stake in Limbach by 37.8% in 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 during the last quarter. Finally, Neumeier Poma Investment Counsel LLC increased its stake in Limbach by 151.5% in 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 during the last quarter. 55.85% of the stock is currently owned by hedge funds and other institutional investors.

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.