LGN (NASDAQ:LGN) Stock Price Down 7.1% – Time to Sell?

LGN (NASDAQ:LGN) shares were down 7.1% on Wednesday. The stock traded as low as $52.33 and last traded at $52.32. Approximately 104,581 shares were traded during trading, a decline of 92% from the average session volume of 1,370,234 shares. The stock had previously closed at $56.34.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LGN. Guggenheim reiterated a “buy” rating and issued a $115.00 price objective on shares of LGN in a report on Tuesday, August 18th. Barclays lifted their price target on LGN from $60.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Monday, June 22nd. BTIG Research reissued a “buy” rating and issued a $100.00 price objective (down from $120.00) on shares of LGN in a research note on Friday, August 14th. Roth Capital restated a “buy” rating and issued a $120.00 price objective on shares of LGN in a report on Wednesday, August 12th. Finally, Tigress Financial upped their target price on shares of LGN from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $99.50.

LGN Stock Performance

The firm has a fifty day moving average price of $57.57 and a 200 day moving average price of $69.62. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.03. The firm has a market cap of $5.71 billion and a PE ratio of 132.19.

LGN (NASDAQ:LGN) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.63). The firm had revenue of $1.26 billion for the quarter. LGN had a positive return on equity of 4.33% and a negative net margin of 1.20%. As a group, equities research analysts expect that LGN will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Bris Philippe Le sold 4,196 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $54.06, for a total value of $226,835.76. Following the transaction, the chief accounting officer directly owned 6,148 shares in the company, valued at approximately $332,360.88. This represents a 40.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On LGN

Several large investors have recently modified their holdings of the business. WINTON GROUP Ltd increased its position in shares of LGN by 174.0% during the 2nd quarter. WINTON GROUP Ltd now owns 83,300 shares of the company’s stock worth $7,100,000 after purchasing an additional 52,904 shares during the last quarter. NewEdge Advisors LLC purchased a new position in LGN during the second quarter worth about $1,073,000. Arizona State Retirement System increased its position in shares of LGN by 34.1% during the second quarter. Arizona State Retirement System now owns 14,847 shares of the company’s stock valued at $1,265,000 after acquiring an additional 3,774 shares during the last quarter. Nykredit A S acquired a new stake in shares of LGN during the second quarter valued at about $128,000. Finally, Allianz Asset Management GmbH purchased a new stake in shares of LGN in the 2nd quarter valued at approximately $1,568,000.

LGN Company Profile

Legence Corp. (NASDAQ: LGN) is an energy-transition and building-solutions company that helps commercial, industrial and institutional customers improve the performance, efficiency and sustainability of their facilities and infrastructure. Its work is focused on reducing energy consumption and emissions while supporting the development, modernization and operation of complex buildings and facilities.

The company provides services that may include engineering, design, construction, building automation and controls, heating, ventilation and air-conditioning systems, electrical services, energy management, renewable-energy solutions, maintenance and facility optimization.