LGN (NASDAQ:LGN) Trading Down 5.8% – Should You Sell?

Shares of LGN (NASDAQ:LGN) were down 5.8% during trading on Thursday . The stock traded as low as $82.62 and last traded at $82.8760. Approximately 868,926 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 1,473,470 shares. The stock had previously closed at $88.00.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LGN. Guggenheim lifted their price objective on LGN from $53.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Glj Research initiated coverage on LGN in a research report on Tuesday, April 21st. They set a “buy” rating and a $99.00 price target for the company. BTIG Research boosted their price target on LGN from $75.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. BMO Capital Markets upped their price objective on LGN from $63.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Finally, Stifel Nicolaus increased their price objective on LGN from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, LGN presently has a consensus rating of “Moderate Buy” and an average target price of $86.40.

LGN Price Performance

The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $9.05 billion and a price-to-earnings ratio of 364.09. The business’s 50 day moving average price is $74.30.

LGN (NASDAQ:LGN) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The business had revenue of $1.04 billion during the quarter. The business’s revenue for the quarter was up 105.2% compared to the same quarter last year. As a group, research analysts forecast that LGN will post 1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Freestone Capital Holdings LLC acquired a new stake in shares of LGN during the 4th quarter worth about $1,153,000. Pictet Asset Management Holding SA acquired a new position in LGN in the fourth quarter valued at about $1,722,000. Harbor Capital Advisors Inc. bought a new stake in LGN during the fourth quarter worth about $1,220,000. Asset Management One Co. Ltd. acquired a new stake in shares of LGN during the fourth quarter worth approximately $3,681,000. Finally, Capelight Capital Asset Management LP acquired a new stake in shares of LGN during the fourth quarter worth approximately $4,089,000.

About LGN

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.