Limbach (NASDAQ:LMB) Shares Down 4.2% – Here’s What Happened

Limbach Holdings, Inc. (NASDAQ:LMB) dropped 4.2% during trading on Thursday . The company traded as low as $50.58 and last traded at $50.3590. Approximately 39,941 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 273,995 shares. The stock had previously closed at $52.56.

Wall Street Analyst Weigh In

Several research firms have issued reports on LMB. Stifel Nicolaus decreased their price target on shares of Limbach from $107.00 to $86.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Royal Bank Of Canada set a $50.00 price objective on Limbach in a research note on Friday, August 21st. JPMorgan Chase & Co. lowered Limbach from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $60.00 to $50.00 in a research report on Friday, August 21st. Lake Street Capital increased their price target on Limbach from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Finally, Zacks Research cut Limbach from a “hold” rating to a “strong sell” rating in a research note on Friday, August 7th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Limbach presently has an average rating of “Hold” and an average price target of $70.25.

Limbach Stock Performance

The firm’s 50 day simple moving average is $56.80 and its 200-day simple moving average is $72.84. The company has a market capitalization of $590.00 million, a price-to-earnings ratio of 19.91 and a beta of 1.42. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.49 and a current ratio of 1.49.

Limbach (NASDAQ:LMB) last issued its quarterly earnings results on Tuesday, August 4th. The construction company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.29). The business had revenue of $173.46 million for the quarter, compared to analysts’ expectations of $177.33 million. Limbach had a net margin of 4.42% and a return on equity of 23.22%. Analysts expect that Limbach Holdings, Inc. will post 4.29 EPS for the current year.

Insider Buying and Selling

In other Limbach news, Director Joshua Horowitz bought 4,008 shares of the stock in a transaction on Tuesday, September 15th. The shares were bought at an average price of $50.71 per share, with a total value of $203,245.68. Following the purchase, the director directly owned 171,208 shares in the company, valued at $8,681,957.68. The trade was a 2.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders bought 7,820 shares of company stock worth $391,002. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Limbach

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Limbach in the second quarter worth approximately $75,410,000. Royce & Associates LP grew its position in Limbach by 83.7% in the fourth quarter. Royce & Associates LP now owns 335,663 shares of the construction company’s stock worth $26,131,000 after acquiring an additional 152,956 shares in the last quarter. UBS Group AG grew its position in Limbach by 23.7% in the fourth quarter. UBS Group AG now owns 60,874 shares of the construction company’s stock worth $4,739,000 after acquiring an additional 11,644 shares in the last quarter. Granite Investment Partners LLC increased its stake in shares of Limbach by 20.3% during the 1st quarter. Granite Investment Partners LLC now owns 110,269 shares of the construction company’s stock worth $8,606,000 after purchasing an additional 18,572 shares during the last quarter. Finally, Corient Private Wealth LP acquired a new position in shares of Limbach during the 2nd quarter worth $1,781,000. 55.85% of the stock is currently owned by institutional investors and hedge funds.

About Limbach

Limbach Holdings, Inc (NASDAQ:LMB) provides building systems solutions and facility services for commercial, institutional, and industrial customers. Its services include the design, installation, maintenance, and operation of mechanical, electrical, plumbing, and heating, ventilation, and air-conditioning systems.

The company serves a range of end markets, including healthcare, education, commercial real estate, government, and manufacturing. Limbach also provides facility maintenance, energy-efficiency solutions, building automation, and other services intended to support the performance and ongoing operation of critical building infrastructure.

Limbach traces its roots to 1901 and is headquartered in Pittsburgh, Pennsylvania.