LGN (NASDAQ:LGN) Shares Climb 12.4% – Here’s Why

Shares of LGN (NASDAQ:LGN) were up 12.4% during mid-day trading on Monday. The company traded as high as $31.38 and last traded at $31.3710. 601,960 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 1,420,634 shares. The stock had previously closed at $27.91.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Weiss Ratings cut LGN from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 30th. Barclays dropped their price objective on LGN from $80.00 to $60.00 and set an “equal weight” rating for the company in a research note on Monday, October 19th. Guggenheim reiterated a “buy” rating and set a $90.00 target price on shares of LGN in a research report on Monday, October 26th. BMO Capital Markets lifted their target price on LGN from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Finally, Zacks Research cut LGN from a “strong-buy” rating to a “hold” rating in a report on Friday, October 16th. One 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.67.

LGN Stock Up 14.2%

The company has a market capitalization of $3.95 billion, a PE ratio of 91.50 and a beta of 3.42. The company’s 50 day moving average is $47.05 and its two-hundred day moving average is $62.43. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.03.

LGN (NASDAQ:LGN) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.63). The company 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%. On average, 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 business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $55.01, for a total value of $58,200.58. Following the sale, the chief accounting officer directly owned 4,749 shares in the company, valued at approximately $261,242.49. The trade was a 18.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.01% of the company’s stock.

Institutional Trading of LGN

Large investors have recently added to or reduced their stakes in the company. Value Aligned Research Advisors LLC grew its holdings in shares of LGN by 124.6% in the second quarter. Value Aligned Research Advisors LLC now owns 692,150 shares of the company’s stock valued at $58,992,000 after purchasing an additional 384,009 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of LGN by 35.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 808,113 shares of the company’s stock worth $41,755,000 after buying an additional 211,829 shares in the last quarter. Bank of America Corp DE grew its stake in shares of 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 buying an additional 419,997 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of LGN by 87.6% in the 1st quarter. Renaissance Technologies LLC now owns 579,700 shares of the company’s stock worth $32,730,000 after buying an additional 270,615 shares during the last quarter. Finally, Penn Capital Management Company LLC increased its holdings in shares of LGN by 25.4% in the 3rd quarter. Penn Capital Management Company LLC now owns 390,983 shares of the company’s stock worth $21,024,000 after buying an additional 79,153 shares during the last quarter.

About LGN

Legence Corp. provides engineering, installation and maintenance services for building systems. Its work includes heating, ventilation and air conditioning, plumbing, electrical systems, process piping, building automation and energy solutions. The company serves customers with complex building needs, including in the data center, healthcare, life sciences, commercial and industrial sectors. Its services span the building lifecycle, from design and construction to ongoing operations and maintenance.