LGN (NASDAQ:LGN) Stock Price Up 4.5% – Still a Buy?

Shares of LGN (NASDAQ:LGN) rose 4.5% during trading on Wednesday . The stock traded as high as $55.70 and last traded at $55.4410. Approximately 46,655 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 1,399,181 shares. The stock had previously closed at $53.03.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. BMO Capital Markets boosted their price target on shares of LGN from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Bank of America increased their price target on shares of LGN from $105.00 to $116.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Weiss Ratings cut shares of LGN from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 31st. Zacks Research raised LGN from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Finally, BTIG Research restated a “buy” rating and set a $100.00 target price (down from $120.00) on shares of LGN in a research report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, LGN has an average rating of “Moderate Buy” and a consensus target price of $99.50.

LGN Stock Performance

The stock has a market cap of $5.91 billion and a price-to-earnings ratio of 136.72. 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 fifty day simple moving average of $61.72 and a 200-day simple moving average of $69.49.

LGN (NASDAQ:LGN) last issued its quarterly earnings results 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 negative net margin of 1.20% and a positive return on equity of 4.33%. Analysts forecast that LGN will post 1.36 EPS for the current fiscal year.

Insider Transactions at LGN

In other LGN news, CAO Bris Philippe Le sold 4,196 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were 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 of the company’s stock, valued at approximately $332,360.88. This trade represents a 40.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.01% of the company’s stock.

Institutional Trading of LGN

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

LGN Company Profile

Legence Corporation (NASDAQ:LGN) is an energy-transition and building-solutions company that helps commercial, industrial, institutional and infrastructure customers improve energy efficiency, reduce emissions and manage complex facility requirements. The company delivers integrated services intended to support decarbonization, electrification and broader sustainability initiatives.

Its capabilities include engineering, construction, operation and maintenance of building and energy systems.