Bank of New York Mellon Corp Buys Shares of 38,719 Limbach Holdings, Inc. $LMB

Key Points

• Bank of New York Mellon purchased 38,719 Limbach Holdings shares worth approximately $2.98 million, giving it a 0.32% stake. Institutional investors collectively own 55.85% of the company.
• Limbach reported quarterly earnings of $0.64 per share, missing the $0.93 analyst consensus, while revenue of $173.46 million also fell short of expectations.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $70.25 target price; shares opened at $49.86, well below their 12-month high of $114.95.

Bank of New York Mellon Corp purchased a new stake in shares of Limbach Holdings, Inc. (NASDAQ:LMB - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 38,719 shares of the construction company's stock, valued at approximately $2,981,000. Bank of New York Mellon Corp owned 0.32% of Limbach as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of LMB. State of Wyoming bought a new stake in shares of Limbach during the second quarter valued at approximately $71,000. Palouse Capital Management Inc. bought a new stake in Limbach during the 2nd quarter valued at $154,000. FAS Wealth Partners Inc. increased its holdings in Limbach by 22.2% during the first quarter. FAS Wealth Partners Inc. now owns 5,253 shares of the construction company's stock valued at $410,000 after buying an additional 956 shares during the period. Bank of America Corp DE boosted its holdings in shares of Limbach by 107.9% in the 1st quarter. Bank of America Corp DE now owns 39,004 shares of the construction company's stock valued at $3,044,000 after buying an additional 20,246 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in Limbach by 680.8% in the first quarter. Royal Bank of Canada now owns 11,283 shares of the construction company's stock valued at $881,000 after acquiring an additional 9,838 shares in the last quarter. 55.85% of the stock is currently owned by institutional investors.

Insider Activity at Limbach

In related news, EVP Jay Sharp sold 4,871 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $79.82, for a total value of $388,803.22. Following the transaction, the executive vice president owned 73,456 shares of the company's stock, valued at $5,863,257.92. This represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 7.00% of the company's stock.

Limbach Price Performance

LMB opened at $49.86 on Monday. The stock's 50-day moving average price is $61.19 and its 200 day moving average price is $75.32. The firm has a market cap of $594.83 million, a price-to-earnings ratio of 19.94 and a beta of 1.42. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.18. Limbach Holdings, Inc. has a 12-month low of $40.74 and a 12-month high of $114.95.

Limbach (NASDAQ:LMB - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $173.46 million for the quarter, compared to analysts' expectations of $177.33 million. Limbach had a return on equity of 23.22% and a net margin of 4.42%. As a group, sell-side analysts expect that Limbach Holdings, Inc. will post 4.29 earnings per share for the current year.

Wall Street Analyst Weigh In

LMB has been the subject of a number of recent analyst reports. Royal Bank Of Canada set a $50.00 target price on shares of Limbach in a research note on Friday, August 21st. JPMorgan Chase & Co. lowered Limbach from a "neutral" rating to an "underweight" rating and lowered their price objective for the stock from $60.00 to $50.00 in a research report on Friday, August 21st. Stifel Nicolaus reduced their price target on Limbach from $107.00 to $86.00 and set a "buy" rating for the company in a report on Monday, August 10th. Weiss Ratings restated a "hold (c)" rating on shares of Limbach in a research report on Wednesday, August 5th. Finally, Zacks Research lowered shares of Limbach from a "hold" rating to a "strong sell" rating in a research report on Friday, August 7th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $70.25.

Limbach Profile

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.

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