Limbach Holdings, Inc. $LMB Shares Acquired by Granite Investment Partners LLC

Key Points

• Granite Investment Partners boosted its Limbach Holdings stake by 20.3% in Q1, buying 18,572 more shares and bringing its position to 110,269 shares worth about $8.6 million.
• Company insiders sold shares over the past few months, including EVP Jay Sharp and CFO Jayme L. Brooks; insiders have sold 16,187 shares total in the last 90 days.
• Limbach beat quarterly earnings expectations, reporting $0.64 EPS versus the $0.21 consensus and revenue of $138.86 million, while analysts currently rate the stock a Hold with a $97 average price target.

Granite Investment Partners LLC increased its holdings in shares of Limbach Holdings, Inc. (NASDAQ:LMB - Free Report) by 20.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,269 shares of the construction company's stock after purchasing an additional 18,572 shares during the quarter. Granite Investment Partners LLC owned 0.92% of Limbach worth $8,606,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd purchased a new position in Limbach during the third quarter worth about $54,000. Comerica Bank raised its stake in shares of Limbach by 24.0% in the 1st quarter. Comerica Bank now owns 862 shares of the construction company's stock valued at $64,000 after acquiring an additional 167 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Limbach by 59.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,131 shares of the construction company's stock worth $158,000 after acquiring an additional 423 shares during the last quarter. Royal Bank of Canada boosted its position 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 purchasing an additional 371 shares during the period. Finally, Prudential Financial Inc. purchased a new position in shares of Limbach during the 2nd quarter worth approximately $256,000. 55.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Limbach news, EVP Jay Sharp sold 4,871 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $79.82, for a total value of $388,803.22. Following the transaction, the executive vice president directly owned 73,456 shares in the company, valued at $5,863,257.92. This represents a 6.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jayme L. Brooks sold 5,703 shares of the firm's stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $85.43, for a total transaction of $487,207.29. Following the sale, the chief financial officer directly owned 130,840 shares in the company, valued at approximately $11,177,661.20. The trade was a 4.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 16,187 shares of company stock valued at $1,437,419 over the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

LMB has been the subject of a number of research analyst reports. Weiss Ratings cut Limbach from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, May 8th. JPMorgan Chase & Co. lowered their price objective on shares of Limbach from $100.00 to $90.00 and set a "neutral" rating for the company in a research note on Thursday, March 26th. Finally, Wall Street Zen downgraded shares of Limbach from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $97.00.

Limbach Price Performance

Shares of NASDAQ LMB opened at $77.16 on Thursday. The stock's 50-day moving average is $79.50 and its two-hundred day moving average is $82.75. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.71 and a quick ratio of 1.71. Limbach Holdings, Inc. has a 1-year low of $65.08 and a 1-year high of $151.51. The company has a market cap of $919.75 million, a price-to-earnings ratio of 28.06 and a beta of 1.43.

Limbach (NASDAQ:LMB - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The construction company reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.43. Limbach had a return on equity of 26.17% and a net margin of 5.09%.The company had revenue of $138.86 million for the quarter, compared to analysts' expectations of $134.23 million. During the same period last year, the firm earned $1.12 earnings per share. Limbach's quarterly revenue was up 4.3% on a year-over-year basis. Analysts forecast that Limbach Holdings, Inc. will post 4.98 EPS for the current fiscal year.

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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