LGN (NASDAQ:LGN) Sets New 52-Week Low – Here’s Why

LGN (NASDAQ:LGN)’s share price hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $28.18 and last traded at $26.7840, with a volume of 130,145 shares traded. The stock had previously closed at $32.13.

Wall Street Analysts Forecast Growth

LGN has been the topic of a number of analyst reports. Tigress Financial increased their target price on LGN from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. BMO Capital Markets boosted their price target on LGN from $100.00 to $105.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Zacks Research downgraded LGN from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 16th. Guggenheim reaffirmed a “buy” rating and set a $90.00 price objective on shares of LGN in a research note on Monday, October 26th. Finally, Bank of America lifted their price objective on LGN from $105.00 to $116.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.67.

LGN Price Performance

The company has a fifty day simple moving average of $47.92 and a two-hundred day simple moving average of $62.60. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 69.77 and a beta of 3.42.

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

Insider Activity

In related news, CAO Bris Philippe Le sold 1,058 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $55.01, for a total transaction of $58,200.58. Following the completion of the transaction, the chief accounting officer owned 4,749 shares of the company’s stock, valued at approximately $261,242.49. This represents a 18.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.01% of the company’s stock.

Institutional Trading of LGN

Several institutional investors have recently made changes to their positions in the stock. Value Aligned Research Advisors LLC raised its position in shares of LGN by 124.6% in the 2nd quarter. Value Aligned Research Advisors LLC now owns 692,150 shares of the company’s stock worth $58,992,000 after buying an additional 384,009 shares during the period. Allspring Global Investments Holdings LLC grew its position in LGN by 35.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 808,113 shares of the company’s stock valued at $41,755,000 after acquiring an additional 211,829 shares during the period. Bank of America Corp DE increased its stake in LGN by 161.4% during the first quarter. Bank of America Corp DE now owns 680,217 shares of the company’s stock worth $38,405,000 after acquiring an additional 419,997 shares during the last quarter. Renaissance Technologies LLC increased its stake in LGN by 87.6% during the first quarter. Renaissance Technologies LLC now owns 579,700 shares of the company’s stock worth $32,730,000 after acquiring an additional 270,615 shares during the last quarter. Finally, Penn Capital Management Company LLC increased its stake in LGN by 25.4% during the third quarter. Penn Capital Management Company LLC now owns 390,983 shares of the company’s stock worth $21,024,000 after acquiring an additional 79,153 shares during the last quarter.

LGN Company Profile

Legence Corp. (NASDAQ: LGN) is an energy-transition solutions provider that helps commercial, industrial and institutional customers improve building performance, reduce energy use and advance decarbonization goals. The company combines technical expertise, project delivery and operational services to address the energy and sustainability needs of complex facilities and infrastructure.

Its services include engineering and design, energy-efficiency improvements, building systems and infrastructure work, renewable-energy and electrification projects, sustainability consulting, and ongoing operations and maintenance.