Limbach (NASDAQ:LMB) Shares Down 42.7% Following Weak Earnings
Limbach Holdings Inc (NASDAQ:LMB)’s share price dropped 42.7% during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $4.81 and last traded at $4.84, approximately 931,160 shares traded hands during mid-day trading. An increase of 1,242% from the average daily volume of 69,365 shares. The stock had previously closed at $8.45.
The construction company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.19 by ($0.32). Limbach had a return on equity of 5.95% and a net margin of 0.49%. The company had revenue of $132.75 million for the quarter, compared to analyst estimates of $138.00 million.
Several equities analysts recently commented on the stock. Zacks Investment Research lowered shares of Limbach from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. Roth Capital raised shares of Limbach from a “neutral” rating to a “buy” rating and upped their price target for the stock from $7.00 to $10.00 in a research report on Wednesday, April 17th. Finally, TheStreet raised shares of Limbach from a “d+” rating to a “c” rating in a research report on Wednesday, May 29th.
Several hedge funds have recently added to or reduced their stakes in LMB. Hillsdale Investment Management Inc. acquired a new position in shares of Limbach in the second quarter worth about $2,196,000. Renaissance Technologies LLC acquired a new stake in shares of Limbach during the second quarter worth approximately $1,559,000. Vanguard Group Inc. boosted its holdings in shares of Limbach by 736.1% during the second quarter. Vanguard Group Inc. now owns 143,571 shares of the construction company’s stock worth $1,306,000 after purchasing an additional 126,399 shares during the period. Wells Fargo & Company MN acquired a new stake in shares of Limbach during the second quarter worth approximately $957,000. Finally, BlackRock Inc. raised its position in Limbach by 250.3% during the second quarter. BlackRock Inc. now owns 86,291 shares of the construction company’s stock valued at $784,000 after acquiring an additional 61,656 shares in the last quarter. 27.69% of the stock is currently owned by institutional investors and hedge funds.
The firm has a market capitalization of $64.56 million, a PE ratio of -9.31, a P/E/G ratio of 0.48 and a beta of 1.48. The business’s 50-day moving average is $8.65. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.70.
About Limbach (NASDAQ:LMB)
Limbach Holdings, Inc provides commercial specialty contract services in the United States. It operates in two segments, Construction and Service. The company provides services in the areas of heating, ventilation, air-conditioning (HVAC), plumbing, electrical, and building controls for the design and construction of new and renovated buildings; maintenance services; and equipment upgrades.
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