The Goldman Sachs Group Issues Positive Forecast for LGN (NASDAQ:LGN) Stock Price

LGN (NASDAQ:LGN) had its price objective upped by The Goldman Sachs Group from $52.00 to $63.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 18.41% from the company’s previous close.

Several other research analysts also recently commented on LGN. Stifel Nicolaus boosted their target price on LGN from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Barclays increased 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 reaffirmed a “buy” rating and issued a $60.00 price target on shares of LGN in a research note on Friday. Weiss Ratings started coverage on LGN in a report on Wednesday, January 14th. They issued a “sell (d+)” rating on the stock. Finally, Zacks Research downgraded shares of LGN from a “strong-buy” rating to a “hold” rating in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

LGN Stock Down 2.8%

LGN stock traded down $1.54 during midday trading on Monday, reaching $53.21. The company had a trading volume of 1,130,314 shares, compared to its average volume of 1,080,983. LGN has a 1-year low of $26.96 and a 1-year high of $60.50. The company’s 50 day simple moving average is $51.16. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.98.

Institutional Investors Weigh In On LGN

Institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its holdings in LGN by 128.4% in 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 in the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of LGN during the 4th quarter valued at about $69,438,000. Vanguard Group Inc. raised its position in LGN by 78.1% in the fourth quarter. Vanguard Group Inc. now owns 3,227,670 shares of the company’s stock worth $138,919,000 after acquiring an additional 1,415,282 shares during the period. Munro Partners grew its holdings in LGN by 1,875.9% during the fourth quarter. Munro Partners now owns 1,396,642 shares of the company’s stock valued at $60,111,000 after purchasing an additional 1,325,957 shares during the period. Finally, CI Investments Inc. increased its holdings in LGN by 2,209.7% in the 4th quarter. CI Investments Inc. now owns 788,287 shares of the company’s stock worth $33,928,000 after acquiring an additional 754,157 shares in the last quarter.

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.