BlackRock Inc. Acquires New Holdings in Limbach Holdings, Inc. $LMB

Key Points

• BlackRock acquired 979,355 shares of Limbach Holdings in the second quarter, valued at approximately $75.4 million and representing an 8.21% stake. Institutional investors collectively own 55.85% of the company.
• Limbach reported quarterly EPS of $0.64, missing the $0.93 consensus estimate, while revenue of $173.46 million also fell short of expectations. Shares opened at $41.34, near their 52-week low of $41.17 and well below the 52-week high of $123.
• Analyst sentiment has weakened, with downgrades from JPMorgan, Zacks Research and Wall Street Zen; the stock carries a consensus “Reduce” rating and an average price target of $62.00.

BlackRock Inc. purchased a new position in Limbach Holdings, Inc. (NASDAQ:LMB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 979,355 shares of the construction company's stock, valued at approximately $75,410,000. BlackRock Inc. owned approximately 8.21% of Limbach at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Limbach by 23.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 687 shares of the construction company's stock valued at $53,000 after purchasing an additional 130 shares during the last quarter. Comerica Bank grew its stake in Limbach by 24.0% during the 1st quarter. Comerica Bank now owns 862 shares of the construction company's stock worth $64,000 after buying an additional 167 shares during the last quarter. State of Wyoming acquired a new position in Limbach during the 2nd quarter valued at about $71,000. Fifth Third Bancorp acquired a new position in Limbach during the 1st quarter valued at about $85,000. Finally, Royal Bank of Canada raised its stake in Limbach by 34.5% in the fourth quarter. Royal Bank of Canada now owns 1,445 shares of the construction company's stock valued at $113,000 after buying an additional 371 shares during the last quarter. 55.85% of the stock is currently owned by hedge funds and other institutional investors.

Limbach Stock Performance

Shares of NASDAQ:LMB opened at $41.34 on Monday. The business's 50 day moving average price is $64.64 and its 200-day moving average price is $76.87. Limbach Holdings, Inc. has a 1 year low of $41.17 and a 1 year high of $123.00. The firm has a market capitalization of $493.19 million, a price-to-earnings ratio of 16.54 and a beta of 1.45. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.49 and a quick ratio of 1.49.

Limbach (NASDAQ:LMB - Get Free Report) last announced its earnings results on Tuesday, August 4th. The construction company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.29). Limbach had a net margin of 4.42% and a return on equity of 23.22%. The firm had revenue of $173.46 million for the quarter, compared to analyst estimates of $177.33 million. On average, equities research analysts forecast that Limbach Holdings, Inc. will post 4.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wall Street Zen cut shares of Limbach from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Stifel Nicolaus dropped their price objective on shares of Limbach from $107.00 to $86.00 and set a "buy" rating on the stock in a report on Monday, August 10th. JPMorgan Chase & Co. lowered Limbach from a "neutral" rating to an "underweight" rating and reduced their target price for the stock from $60.00 to $50.00 in a research note on Friday, August 21st. Zacks Research downgraded Limbach from a "hold" rating to a "strong sell" rating in a research note on Friday, August 7th. Finally, Royal Bank Of Canada set a $50.00 price objective on Limbach in a report on Friday, August 21st. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $62.00.

Insider Buying and Selling at Limbach

In related news, EVP Jay Sharp sold 4,871 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $79.82, for a total transaction of $388,803.22. Following the transaction, the executive vice president directly owned 73,456 shares in the company, valued at approximately $5,863,257.92. The trade was a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 7.00% of the company's stock.

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.

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