LGN (NASDAQ:LGN) Shares Down 6.5% Following Weak Earnings

LGN (NASDAQ:LGN) traded down 6.5% during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $63.45 and last traded at $64.2260. 271,360 shares traded hands during trading, a decline of 81% from the average daily volume of 1,466,573 shares. The stock had previously closed at $68.68.

The company reported ($0.37) earnings per share (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.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Barclays boosted their target price on shares of LGN from $60.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, June 22nd. BMO Capital Markets increased their price target on shares of LGN from $63.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. The Goldman Sachs Group lifted their price target on LGN from $63.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Guggenheim boosted their price objective on LGN from $106.00 to $115.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Tigress Financial upped their price objective on LGN from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.91.

Institutional Trading of LGN

A number of institutional investors and hedge funds have recently modified their holdings of the business. Assetmark Inc. bought a new position in shares of LGN in the 4th quarter worth about $31,000. Freestone Capital Holdings LLC bought a new stake in shares of LGN during the 4th quarter valued at about $1,153,000. Capelight Capital Asset Management LP bought a new stake in shares of LGN during the 4th quarter valued at about $4,089,000. LBP AM SA acquired a new stake in LGN during the fourth quarter worth about $2,887,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in LGN during the fourth quarter worth about $3,179,000.

LGN Stock Down 7.0%

The company has a debt-to-equity ratio of 1.06, a current ratio of 1.30 and a quick ratio of 1.30. The stock’s fifty day simple moving average is $74.63 and its 200-day simple moving average is $68.32. The stock has a market cap of $6.90 billion and a P/E ratio of 277.94.

LGN Company Profile

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.