Kerrisdale Advisers LLC Lowers Position in LGN $LGN

Kerrisdale Advisers LLC trimmed its holdings in shares of LGN (NASDAQ:LGN) by 88.9% in the second quarter, Holdings Channel reports. The firm owned 11,722 shares of the company’s stock after selling 94,198 shares during the period. Kerrisdale Advisers LLC’s holdings in LGN were worth $999,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avior Wealth Management LLC acquired a new position in LGN in the second quarter valued at about $203,000. Bank of America Corp DE increased its position in shares of LGN by 161.4% during the first quarter. Bank of America Corp DE now owns 680,217 shares of the company’s stock valued at $38,405,000 after acquiring an additional 419,997 shares during the last quarter. Value Aligned Research Advisors LLC increased its position in shares of LGN by 22.4% during the first quarter. Value Aligned Research Advisors LLC now owns 308,141 shares of the company’s stock valued at $17,398,000 after acquiring an additional 56,460 shares during the last quarter. Royal Bank of Canada raised its stake in shares of LGN by 662.4% in the 1st quarter. Royal Bank of Canada now owns 22,856 shares of the company’s stock valued at $1,290,000 after acquiring an additional 19,858 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of LGN by 57.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 18,129 shares of the company’s stock valued at $1,024,000 after acquiring an additional 6,647 shares during the period.

Wall Street Analysts Forecast Growth

LGN has been the subject of a number of research analyst reports. Roth Capital reaffirmed a “buy” rating and set a $120.00 price objective on shares of LGN in a research report on Wednesday, August 12th. Bank of America raised their price target on LGN from $105.00 to $116.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Royal Bank Of Canada cut their price objective on LGN from $106.00 to $101.00 and set an “outperform” rating on the stock in a report on Wednesday, July 22nd. Weiss Ratings raised LGN from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Friday, August 14th. Finally, Tigress Financial raised their target price on LGN from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.50.

LGN Stock Performance

NASDAQ:LGN opened at $53.85 on Monday. LGN has a 1 year low of $26.96 and a 1 year high of $107.24. The stock has a market cap of $5.82 billion and a P/E ratio of 134.62. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a 50-day simple moving average of $68.73 and a 200-day simple moving average of $69.31.

LGN (NASDAQ:LGN) last issued its earnings results on Thursday, August 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.63). The company had revenue of $1.26 billion during the quarter. LGN had a negative net margin of 1.20% and a positive return on equity of 4.33%. As a group, analysts anticipate that LGN will post 1.36 earnings per share for the current fiscal year.

LGN 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.