LGN (NASDAQ:LGN) Shares Down 11.9% – What’s Next?

LGN (NASDAQ:LGN)’s stock price was down 11.9% during mid-day trading on Tuesday . The stock traded as low as $59.38 and last traded at $59.5750. Approximately 256,928 shares were traded during trading, a decline of 83% from the average session volume of 1,470,853 shares. The stock had previously closed at $67.63.

Analyst Upgrades and Downgrades

Several analysts have weighed in on LGN shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LGN in a report on Friday, June 26th. Guggenheim lifted their price objective on shares of LGN from $106.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Tigress Financial increased their target price on LGN from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, May 19th. The Goldman Sachs Group raised their price target on LGN from $63.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Loop Capital assumed coverage on LGN in a report on Wednesday, April 29th. They issued a “buy” rating and a $96.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, LGN currently has an average rating of “Moderate Buy” and an average target price of $96.80.

LGN Price Performance

The company has a market capitalization of $5.73 billion and a PE ratio of 230.78. The firm’s 50 day moving average price is $78.64. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.30 and a quick ratio of 1.30.

LGN (NASDAQ:LGN) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.06). The company had revenue of $1.04 billion during the quarter. The company’s quarterly revenue was up 105.2% on a year-over-year basis. Research analysts predict that LGN will post 1.24 earnings per share for the current fiscal year.

Institutional Trading of LGN

Several large investors have recently modified their holdings of LGN. Avior Wealth Management LLC purchased a new stake in LGN in the 2nd quarter worth approximately $203,000. Bank of America Corp DE raised its holdings in LGN by 161.4% in the 1st quarter. Bank of America Corp DE now owns 680,217 shares of the company’s stock worth $38,405,000 after purchasing an additional 419,997 shares in the last quarter. Value Aligned Research Advisors LLC boosted its stake in shares of LGN by 22.4% during the 1st quarter. Value Aligned Research Advisors LLC now owns 308,141 shares of the company’s stock valued at $17,398,000 after purchasing an additional 56,460 shares in the last quarter. Royal Bank of Canada raised its stake in LGN by 662.4% in the first quarter. Royal Bank of Canada now owns 22,856 shares of the company’s stock worth $1,290,000 after buying an additional 19,858 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in LGN by 57.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 18,129 shares of the company’s stock valued at $1,024,000 after acquiring an additional 6,647 shares in the last quarter.

LGN Company Profile

Legence Corp. is a provider of engineering, consulting, installation and maintenance services for mission-critical systems in buildings. The company specializes in designing, fabricating and installing complex HVAC, process piping and other mechanical, electrical and plumbing systems. Legence Corp. is based in SAN JOSE, Calif.