LGN (NASDAQ:LGN) Trading Down 5.8% – Time to Sell?

LGN (NASDAQ:LGN) shares traded down 5.8% during mid-day trading on Thursday . The stock traded as low as $82.62 and last traded at $82.8760. 868,926 shares were traded during mid-day trading, a decline of 41% from the average session volume of 1,473,470 shares. The stock had previously closed at $88.00.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on LGN shares. BMO Capital Markets increased their price objective on LGN from $63.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. BTIG Research increased their price objective on LGN from $75.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Glj Research started coverage on LGN in a research note on Tuesday, April 21st. They set a “buy” rating and a $99.00 price objective for the company. Loop Capital started coverage on LGN in a research note on Wednesday, April 29th. They set a “buy” rating and a $96.00 price objective for the company. Finally, Zacks Research lowered LGN from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.40.

LGN Price Performance

The business has a 50 day simple moving average of $73.04. The firm has a market capitalization of $9.01 billion and a P/E ratio of 362.54. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.06.

LGN (NASDAQ:LGN) last announced its quarterly earnings results on Thursday, May 14th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The company had revenue of $1.04 billion during the quarter. The firm’s revenue was up 105.2% compared to the same quarter last year. Sell-side analysts forecast that LGN will post 1.24 EPS for the current fiscal year.

Institutional Trading of LGN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its stake in LGN by 161.4% in the first quarter. Bank of America Corp DE now owns 680,217 shares of the company’s stock worth $38,405,000 after acquiring an additional 419,997 shares during the period. Value Aligned Research Advisors LLC raised its holdings in LGN by 22.4% in the first quarter. Value Aligned Research Advisors LLC now owns 308,141 shares of the company’s stock worth $17,398,000 after purchasing an additional 56,460 shares in the last quarter. Royal Bank of Canada raised its holdings in LGN by 662.4% in the first quarter. Royal Bank of Canada now owns 22,856 shares of the company’s stock worth $1,290,000 after purchasing an additional 19,858 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in LGN by 57.9% in the first quarter. The Manufacturers Life Insurance Company now owns 18,129 shares of the company’s stock worth $1,024,000 after purchasing an additional 6,647 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in LGN by 87.6% in the first quarter. Renaissance Technologies LLC now owns 579,700 shares of the company’s stock worth $32,730,000 after purchasing an additional 270,615 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.