Limbach (NASDAQ:LMB) Stock Price Up 9.2% – Still a Buy?

Limbach Holdings, Inc. (NASDAQ:LMB)’s share price rose 9.2% during trading on Monday . The company traded as high as $77.79 and last traded at $76.9650. Approximately 17,967 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 176,294 shares. The stock had previously closed at $70.48.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on LMB. Stifel Nicolaus reduced their price target on shares of Limbach from $111.00 to $104.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Limbach in a research note on Monday, December 29th. Zacks Research raised shares of Limbach from a “strong sell” rating to a “hold” rating in a research note on Monday, January 5th. Finally, JPMorgan Chase & Co. started coverage on Limbach in a report on Tuesday, February 3rd. They set a “neutral” rating and a $100.00 price objective on the stock. Three equities research 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 currently has a consensus rating of “Moderate Buy” and an average price target of $120.00.

Limbach Price Performance

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 stock has a market capitalization of $886.57 million, a PE ratio of 23.43 and a beta of 1.31. The stock’s 50 day moving average price is $85.51 and its 200-day moving average price is $85.76.

Limbach (NASDAQ:LMB) last posted its quarterly earnings results on Monday, March 2nd. The construction company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.14. The firm had revenue of $186.87 million during 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 company’s revenue was up 30.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.15 earnings per share. As a group, equities analysts forecast that Limbach Holdings, Inc. will post 2.54 EPS for the current year.

Limbach announced that its board has authorized a stock repurchase plan on Monday, December 15th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 5.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Limbach

In other Limbach news, EVP Jay Sharp sold 2,000 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $79.99, for a total value of $159,980.00. Following the completion of the sale, the executive vice president directly owned 79,027 shares in the company, valued at approximately $6,321,369.73. This trade represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Jayme L. Brooks sold 9,910 shares of Limbach stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $78.56, for a total transaction of $778,529.60. Following the completion of the sale, the chief financial officer 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 disclosure for this sale is available in the SEC filing. 10.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Limbach

A number of large investors have recently made changes to their positions in LMB. Caitong International Asset Management Co. Ltd raised its stake in Limbach by 23.3% in the 4th 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 grew its stake in shares of Limbach by 24.0% during the 1st quarter. Comerica Bank now owns 862 shares of the construction company’s stock worth $64,000 after purchasing an additional 167 shares during the period. Royal Bank of Canada boosted its stake 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 acquiring an additional 371 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Limbach during the 4th quarter valued at about $150,000. Finally, SG Americas Securities LLC raised its stake in shares of Limbach by 85.0% during the 3rd quarter. SG Americas Securities LLC now owns 1,630 shares of the construction company’s stock worth $158,000 after buying an additional 749 shares during the period. 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.