Limbach (NASDAQ:LMB) to Buyback $50.00 million in Outstanding Stock

Limbach (NASDAQ:LMB) declared that its Board of Directors has initiated a stock buyback program on Monday, December 15th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to buy up to 5.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently weighed in on LMB. Wall Street Zen lowered Limbach from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Stifel Nicolaus dropped their price target on shares of Limbach from $146.00 to $132.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Zacks Research downgraded shares of Limbach from a “hold” rating to a “strong sell” rating in a report on Friday, November 7th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Limbach in a report on Wednesday, December 10th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Limbach currently has a consensus rating of “Hold” and a consensus target price of $144.00.

Limbach Trading Up 4.1%

Shares of LMB stock traded up $3.14 on Monday, reaching $79.09. The company had a trading volume of 255,610 shares, compared to its average volume of 143,573. The stock has a market cap of $919.82 million, a PE ratio of 26.02 and a beta of 1.26. Limbach has a 12 month low of $63.02 and a 12 month high of $154.05. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average of $82.11 and a 200-day moving average of $108.84.

Limbach (NASDAQ:LMB) last issued its quarterly earnings results on Tuesday, November 4th. The construction company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.04). Limbach had a net margin of 6.06% and a return on equity of 30.80%. The business had revenue of $184.58 million during the quarter, compared to analyst estimates of $184.48 million. During the same quarter in the previous year, the firm posted $0.62 earnings per share. The firm’s quarterly revenue was up 37.8% on a year-over-year basis. On average, equities analysts forecast that Limbach will post 2.54 earnings per share for the current year.

About Limbach

Limbach Holdings, Inc operates as a building systems solution company in the United States. It operates through two segments, General Contractor Relationships and Owner Direct Relationships. The company engages in the construction and renovation projects that involve primarily include mechanical, plumbing, and electrical services.