Rockefeller Capital Management L.P. Cuts Stock Holdings in Limbach Holdings, Inc. $LMB

Key Points

• Rockefeller Capital Management cut its stake in Limbach Holdings by 21.6% in the fourth quarter, selling 56,511 shares and ending with 205,464 shares valued at about $16.0 million.
• Analysts have turned more cautious on the stock: Weiss Ratings and Wall Street Zen both downgraded Limbach to Hold, while JPMorgan trimmed its price target to $90. The consensus rating is now Hold with an average price target of $116.67.
• Limbach reported strong quarterly results, posting EPS of $0.64 versus the $0.21 estimate and revenue of $138.86 million, above forecasts. Even so, shares opened at $81.45 and the stock remains well below its 52-week high of $154.05.

Rockefeller Capital Management L.P. lowered its holdings in Limbach Holdings, Inc. (NASDAQ:LMB - Free Report) by 21.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 205,464 shares of the construction company's stock after selling 56,511 shares during the quarter. Rockefeller Capital Management L.P. owned approximately 1.76% of Limbach worth $15,995,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Caitong International Asset Management Co. Ltd increased its holdings in Limbach by 23.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 687 shares of the construction company's stock valued at $53,000 after buying an additional 130 shares during the period. Comerica Bank lifted its holdings in Limbach by 24.0% during the first quarter. Comerica Bank now owns 862 shares of the construction company's stock worth $64,000 after buying an additional 167 shares during the period. Caxton Associates LLP boosted its position in Limbach by 4.9% during the 3rd quarter. Caxton Associates LLP now owns 3,624 shares of the construction company's stock valued at $352,000 after acquiring an additional 168 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Limbach by 5.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,835 shares of the construction company's stock valued at $537,000 after acquiring an additional 204 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Limbach by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,059 shares of the construction company's stock valued at $451,000 after acquiring an additional 241 shares during the period. Hedge funds and other institutional investors own 55.85% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Weiss Ratings lowered Limbach from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 8th. JPMorgan Chase & Co. dropped their price objective on Limbach from $100.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, March 26th. Finally, Wall Street Zen lowered Limbach from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Limbach presently has an average rating of "Hold" and a consensus price target of $116.67.

Limbach Price Performance

Shares of LMB opened at $81.45 on Wednesday. The company has a market cap of $970.88 million, a price-to-earnings ratio of 29.62 and a beta of 1.42. Limbach Holdings, Inc. has a twelve month low of $65.08 and a twelve month high of $154.05. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.26. The company has a 50 day moving average of $82.69 and a two-hundred day moving average of $82.60.

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

Insider Buying and Selling at Limbach

In other Limbach news, EVP Jay Sharp sold 4,871 shares of the firm's 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 sale, the executive vice president owned 73,456 shares of the company's stock, valued at approximately $5,863,257.92. This trade represents a 6.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jayme L. Brooks sold 5,703 shares of the business's stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $85.43, for a total value of $487,207.29. Following the sale, the chief financial officer owned 130,840 shares in the company, valued at $11,177,661.20. The trade was a 4.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 20,394 shares of company stock worth $1,795,746. 7.00% of the stock is owned by company insiders.

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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