Limbach (NASDAQ:LMB) Reaches New 12-Month High After Strong Earnings

Limbach Holdings, Inc. (NASDAQ:LMB) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $90.00 and last traded at $89.37, with a volume of 157691 shares trading hands. The stock had previously closed at $77.79.

The construction company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.05. The business had revenue of $133.90 million for the quarter, compared to analysts’ expectations of $129.50 million. Limbach had a net margin of 5.08% and a return on equity of 21.06%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.61 earnings per share.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Roth Mkm boosted their price target on Limbach from $67.00 to $80.00 and gave the company a “buy” rating in a research note on Monday. StockNews.com upgraded shares of Limbach from a “hold” rating to a “buy” rating in a research report on Wednesday.

Insider Activity

In other news, Director Joshua Horowitz sold 5,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $64.02, for a total transaction of $320,100.00. Following the sale, the director now owns 190,000 shares in the company, valued at approximately $12,163,800. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 40,072 shares of company stock worth $2,418,821. Insiders own 10.20% of the company’s stock.

Institutional Trading of Limbach

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Limbach by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 566,501 shares of the construction company’s stock worth $23,464,000 after buying an additional 32,030 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Limbach by 6.0% during the second quarter. American Century Companies Inc. now owns 208,223 shares of the construction company’s stock valued at $11,854,000 after acquiring an additional 11,782 shares during the period. Russell Investments Group Ltd. boosted its holdings in Limbach by 368.5% in the first quarter. Russell Investments Group Ltd. now owns 71,878 shares of the construction company’s stock valued at $2,977,000 after acquiring an additional 56,535 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Limbach by 34.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 83,385 shares of the construction company’s stock worth $6,317,000 after purchasing an additional 21,346 shares during the period. Finally, Thrivent Financial for Lutherans bought a new stake in Limbach during the 2nd quarter worth about $2,653,000. 55.85% of the stock is owned by institutional investors.

Limbach Trading Down 0.0 %

The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 42.81, a P/E/G ratio of 2.52 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.63 and a current ratio of 1.63. The business’s 50-day simple moving average is $75.75 and its 200-day simple moving average is $62.88.

Limbach Company Profile

Limbach Holdings, Inc operates as a building systems solution company in the United States. It operates through two segments, General Contractor Relationships and Owner Direct Relationships. The company engages in the construction and renovation projects that involve primarily include mechanical, plumbing, and electrical services.