LGN (NASDAQ:LGN) Announces Quarterly Earnings Results, Misses Expectations By $0.60 EPS

LGN (NASDAQ:LGN) announced its quarterly earnings results on Friday. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.60), Briefing.com reports. The company’s revenue for the quarter was up 34.5% on a year-over-year basis.

LGN Price Performance

NASDAQ:LGN traded up $3.04 during trading hours on Friday, hitting $56.02. 369,208 shares of the company traded hands, compared to its average volume of 1,036,895. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.98. The business’s 50-day simple moving average is $51.06. LGN has a one year low of $26.96 and a one year high of $60.50.

Institutional Trading of LGN

Several institutional investors and hedge funds have recently made changes to their positions in LGN. Janus Henderson Group PLC boosted its holdings in LGN by 128.4% during the fourth quarter. Janus Henderson Group PLC now owns 4,401,402 shares of the company’s stock worth $189,442,000 after purchasing an additional 2,474,220 shares during the last quarter. CI Investments Inc. increased its stake in LGN by 2,209.7% in the 4th quarter. CI Investments Inc. now owns 788,287 shares of the company’s stock valued at $33,928,000 after buying an additional 754,157 shares during the last quarter. State Street Corp bought a new position in shares of LGN during the 4th quarter worth approximately $30,284,000. Federated Hermes Inc. boosted its stake in shares of LGN by 12.6% in the 4th quarter. Federated Hermes Inc. now owns 506,800 shares of the company’s stock worth $21,813,000 after buying an additional 56,800 shares during the last quarter. Finally, Ghisallo Capital Management LLC boosted its stake in shares of LGN by 233.3% in the 4th quarter. Ghisallo Capital Management LLC now owns 500,000 shares of the company’s stock worth $21,520,000 after buying an additional 350,000 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Zacks Research raised shares of LGN from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. Guggenheim boosted their target price on shares of LGN from $53.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday. Weiss Ratings assumed coverage on shares of LGN in a report on Wednesday, January 14th. They issued a “sell (d+)” rating on the stock. The Goldman Sachs Group raised their price target on shares of LGN from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. Finally, Stifel Nicolaus lifted their price target on LGN from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, LGN currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.60.

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.