LGN (NASDAQ:LGN) Shares Gap Up Following Analyst Upgrade

LGN (NASDAQ:LGN)’s share price gapped up before the market opened on Friday after Guggenheim raised their price target on the stock from $53.00 to $68.00. The stock had previously closed at $52.98, but opened at $59.01. Guggenheim currently has a buy rating on the stock. LGN shares last traded at $54.3320, with a volume of 637,002 shares traded.

LGN has been the subject of several other reports. Zacks Research raised shares of LGN from a “hold” rating to a “strong-buy” rating in a report on Friday, January 16th. Barclays lifted their price objective on LGN from $37.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday, January 23rd. Tigress Financial increased their target price on LGN from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Stifel Nicolaus raised their price target on LGN from $50.00 to $58.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, Weiss Ratings started coverage on LGN in a research note on Wednesday, January 14th. They issued a “sell (d+)” rating on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, LGN has a consensus rating of “Moderate Buy” and an average price target of $56.60.

Institutional Investors Weigh In On LGN

A number of institutional investors and hedge funds have recently modified their holdings of the company. Assetmark Inc. purchased a new position in LGN in the 4th quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd purchased a new stake in LGN during the fourth quarter worth $64,000. Kestra Advisory Services LLC purchased a new stake in LGN during the fourth quarter worth $91,000. Clearstead Advisors LLC acquired a new stake in LGN in the fourth quarter valued at $140,000. Finally, Comerica Bank acquired a new stake in LGN in the fourth quarter valued at $192,000.

LGN Price Performance

The company has a debt-to-equity ratio of 0.98, a current ratio of 1.57 and a quick ratio of 1.57. The company’s 50-day simple moving average is $51.06.

LGN (NASDAQ:LGN) last released its quarterly earnings data on Friday, March 27th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.60). The firm’s revenue for the quarter was up 34.5% compared to the same quarter last year.

About LGN

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.