Norges Bank Acquires New Position in LGN $LGN

Norges Bank bought a new position in shares of LGN (NASDAQ:LGN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 705,000 shares of the company’s stock, valued at approximately $30,343,000. Norges Bank owned approximately 0.67% of LGN as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Freestone Capital Holdings LLC purchased a new stake in LGN during the fourth quarter worth $1,153,000. Pictet Asset Management Holding SA purchased a new position in LGN during the fourth quarter worth about $1,722,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in LGN during the fourth quarter worth about $3,179,000. Capelight Capital Asset Management LP purchased a new position in LGN during the fourth quarter worth about $4,089,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in LGN during the fourth quarter worth about $1,220,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on LGN shares. Glj Research started coverage on LGN in a research note on Tuesday, April 21st. They issued a “buy” rating and a $99.00 target price for the company. BMO Capital Markets increased their price target on LGN from $63.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, May 15th. Tigress Financial increased their price target on LGN from $85.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, May 19th. Barclays increased their target price on LGN from $45.00 to $60.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. Finally, BTIG Research raised 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. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.40.

LGN Price Performance

Shares of LGN stock opened at $85.58 on Wednesday. The firm’s fifty day simple moving average is $78.98. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.06. The company has a market cap of $9.25 billion and a P/E ratio of 372.09. LGN has a 1-year low of $26.96 and a 1-year high of $107.24.

LGN (NASDAQ:LGN) last issued 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 firm had revenue of $1.04 billion during the quarter. The business’s revenue for the quarter was up 105.2% on a year-over-year basis. On average, research analysts expect that LGN will post 1.24 earnings per share for the current fiscal year.

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.