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

Limbach (NASDAQ:LMB) had its target price trimmed by JPMorgan Chase & Co. from $100.00 to $90.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the construction company’s stock.

Several other equities analysts also recently weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Limbach in a report on Monday, December 29th. Zacks Research upgraded Limbach from a “strong sell” rating to a “hold” rating in a research note on Monday, January 5th. Finally, Stifel Nicolaus cut their target price on shares of Limbach from $111.00 to $104.00 and set a “buy” rating for the company in a research report 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.com, the company has an average rating of “Moderate Buy” and an average price target of $116.67.

Limbach Stock Up 0.6%

Shares of NASDAQ:LMB opened at $80.80 on Thursday. The firm has a fifty day moving average of $85.12 and a 200 day moving average of $84.96. Limbach has a 52-week low of $63.02 and a 52-week high of $154.05. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market capitalization of $943.74 million, a PE ratio of 24.94 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. The firm had revenue of $186.87 million for the quarter, compared to the consensus estimate of $197.56 million. Limbach had a net margin of 6.04% and a return on equity of 30.73%. The business’s revenue was up 30.1% compared to the same quarter last year. During the same period last year, the firm posted $1.15 earnings per share. As a group, research analysts anticipate that Limbach will post 2.54 EPS for the current fiscal year.

Limbach declared that its Board of Directors has initiated a share buyback plan on Monday, December 15th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy up to 5.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other Limbach news, CFO Jayme L. Brooks sold 9,910 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer owned 140,750 shares in the company, valued at approximately $11,057,320. This represents a 6.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jay Sharp sold 2,000 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $79.99, for a total transaction of $159,980.00. Following the sale, the executive vice president directly owned 79,027 shares in the company, valued at $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. 9.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LMB. Caitong International Asset Management Co. Ltd boosted its position in Limbach by 23.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 687 shares of the construction company’s stock worth $53,000 after acquiring an additional 130 shares during the last quarter. Comerica Bank raised its holdings in Limbach by 24.0% in the 1st quarter. Comerica Bank now owns 862 shares of the construction company’s stock valued at $64,000 after buying an additional 167 shares during the period. Royal Bank of Canada boosted its position in shares of Limbach by 34.5% during the 4th quarter. Royal Bank of Canada now owns 1,445 shares of the construction company’s stock worth $113,000 after purchasing an additional 371 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Limbach during the fourth quarter worth $150,000. Finally, SG Americas Securities LLC grew its position in Limbach by 85.0% in the 3rd quarter. SG Americas Securities LLC now owns 1,630 shares of the construction company’s stock valued at $158,000 after acquiring an additional 749 shares in the last quarter. 55.85% of the stock is 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.