LGN (NASDAQ:LGN) Sees Large Volume Increase – Here’s What Happened

Shares of LGN (NASDAQ:LGN) saw strong trading volume on Wednesday . 3,354,911 shares changed hands during mid-day trading, an increase of 190% from the previous session’s volume of 1,156,989 shares.The stock last traded at $56.0280 and had previously closed at $54.98.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. BTIG Research raised their target price on LGN from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Barclays raised their target price on LGN from $37.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, January 23rd. BMO Capital Markets raised their target price on LGN from $46.00 to $63.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Royal Bank Of Canada raised their target price on LGN from $48.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Finally, Zacks Research cut LGN from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, LGN has an average rating of “Moderate Buy” and a consensus target price of $62.25.

LGN Stock Up 4.1%

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 has a market cap of $6.19 billion and a P/E ratio of -5,720.60. The business’s 50 day simple moving average is $52.22.

LGN (NASDAQ:LGN) last issued its quarterly earnings results on Friday, March 27th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.60). The firm had revenue of $737.64 million during the quarter, compared to the consensus estimate of $616.05 million. The company’s revenue for the quarter was up 34.5% compared to the same quarter last year.

Institutional Investors Weigh In On LGN

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. bought a new stake in shares of LGN during the fourth quarter valued at about $1,220,000. ProShare Advisors LLC bought a new stake in shares of LGN during the fourth quarter valued at about $292,000. Clearstead Advisors LLC bought a new stake in shares of LGN during the fourth quarter valued at about $140,000. Royce & Associates LP raised its stake in shares of LGN by 955.5% during the fourth quarter. Royce & Associates LP now owns 337,875 shares of the company’s stock valued at $14,542,000 after purchasing an additional 305,865 shares in the last quarter. Finally, DNB Asset Management AS bought a new stake in shares of LGN during the fourth quarter valued at about $215,000.

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.