Limbach (NASDAQ:LMB) Shares Up 8.5% – Here’s Why

Limbach Holdings, Inc. (NASDAQ:LMB)’s share price shot up 8.5% during mid-day trading on Wednesday . The company traded as high as $79.90 and last traded at $80.50. 54,523 shares traded hands during trading, a decline of 75% from the average session volume of 220,580 shares. The stock had previously closed at $74.19.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LMB. JPMorgan Chase & Co. dropped their target price on shares of Limbach from $100.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Wall Street Zen cut shares of Limbach from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings cut shares of Limbach from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $116.67.

Limbach Trading Down 0.2%

The business’s fifty day simple moving average is $82.24 and its 200 day simple moving average is $81.37. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.26. The stock has a market cap of $946.87 million, a P/E ratio of 28.82 and a beta of 1.54.

Limbach (NASDAQ:LMB) last issued its quarterly earnings data on Tuesday, May 5th. The construction company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.43. Limbach had a net margin of 5.09% and a return on equity of 26.17%. The firm had revenue of $138.86 million for the quarter, compared to analyst estimates of $134.23 million. During the same quarter in the prior year, the firm earned $1.12 EPS. The company’s revenue was up 4.3% on a year-over-year basis. As a group, analysts expect that Limbach Holdings, Inc. will post 4.98 EPS for the current year.

Insider Activity

In other news, EVP Jay Sharp sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $79.99, for a total value of $159,980.00. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jayme L. Brooks sold 9,910 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $78.56, for a total transaction of $778,529.60. Following the completion of the transaction, the chief financial officer directly owned 140,750 shares in the company, valued at $11,057,320. This trade represents a 6.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 27,433 shares of company stock worth $2,345,453 in the last ninety days. Insiders own 9.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its holdings in Limbach by 23.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 687 shares of the construction company’s stock worth $53,000 after buying an additional 130 shares during the period. Comerica Bank raised its holdings in Limbach by 24.0% during the 1st quarter. Comerica Bank now owns 862 shares of the construction company’s stock worth $64,000 after buying an additional 167 shares during the period. Caxton Associates LLP raised its holdings in Limbach by 4.9% during the 3rd quarter. Caxton Associates LLP now owns 3,624 shares of the construction company’s stock worth $352,000 after buying an additional 168 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Limbach by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,835 shares of the construction company’s stock valued at $537,000 after purchasing an additional 204 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Limbach by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,059 shares of the construction company’s stock valued at $451,000 after purchasing an additional 241 shares during the last quarter. Institutional investors own 55.85% of the company’s stock.

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.