Corient Private Wealth LP Acquires Shares of 23,135 Limbach Holdings, Inc. $LMB

Key Points

• Corient Private Wealth LP acquired 23,135 Limbach shares worth approximately $1.78 million, giving it a 0.19% stake. Institutional investors collectively own 55.85% of the company.
• Analyst sentiment is mixed: Limbach has an average “Hold” rating and a consensus price target of $70.25, with targets ranging from $50 to $95.
• Limbach’s latest quarterly results fell short of expectations, reporting $0.64 in EPS versus the $0.93 consensus and revenue of $173.46 million versus $177.33 million expected. The stock opened at $49.55, well below its 12-month high of $114.95.

Corient Private Wealth LP bought a new position in shares of Limbach Holdings, Inc. (NASDAQ:LMB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 23,135 shares of the construction company's stock, valued at approximately $1,781,000. Corient Private Wealth LP owned 0.19% of Limbach as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Limbach in the 3rd quarter valued at approximately $54,000. Comerica Bank grew its stake in Limbach by 24.0% in the first 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. State of Wyoming purchased a new stake in Limbach in the second quarter worth $71,000. Fifth Third Bancorp purchased a new stake in Limbach in the first quarter worth $85,000. Finally, BNP Paribas Financial Markets raised its holdings in Limbach by 59.7% in the second quarter. BNP Paribas Financial Markets now owns 1,131 shares of the construction company's stock worth $158,000 after purchasing an additional 423 shares in the last quarter. Institutional investors own 55.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. JPMorgan Chase & Co. lowered Limbach from a "neutral" rating to an "underweight" rating and lowered their price objective for the company from $60.00 to $50.00 in a research report on Friday, August 21st. Stifel Nicolaus reduced their target price on shares of Limbach from $107.00 to $86.00 and set a "buy" rating on the stock in a research report on Monday, August 10th. Royal Bank Of Canada set a $50.00 price target on shares of Limbach in a research note on Friday, August 21st. Wall Street Zen cut shares of Limbach from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Lake Street Capital boosted their price objective on shares of Limbach from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Limbach has an average rating of "Hold" and a consensus target price of $70.25.

Limbach Stock Up 2.0%

LMB stock opened at $49.55 on Friday. The business has a 50 day moving average of $61.82 and a 200 day moving average of $75.59. The firm has a market cap of $591.13 million, a PE ratio of 19.82 and a beta of 1.42. Limbach Holdings, Inc. has a twelve month low of $40.74 and a twelve month high of $114.95. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.18.

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

Insider Activity

In other news, EVP Jay Sharp sold 4,871 shares of Limbach stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $79.82, for a total value of $388,803.22. Following the completion of the transaction, the executive vice president owned 73,456 shares of the company's stock, valued at $5,863,257.92. The trade was a 6.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 7.00% of the stock is currently owned by corporate insiders.

Limbach Company 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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