LGN (NASDAQ:LGN) Reaches New 52-Week Low – Here’s Why

LGN (NASDAQ:LGN)’s stock price hit a new 52-week low during trading on Thursday. The stock traded as low as $28.18 and last traded at $26.7840, with a volume of 130,145 shares changing hands. The stock had previously closed at $32.13.

Analyst Upgrades and Downgrades

A number of research firms recently commented on LGN. Roth Capital restated a “buy” rating and set a $120.00 price target on shares of LGN in a research report on Wednesday, August 12th. Bank of America lifted their price objective on LGN from $105.00 to $116.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Stifel Nicolaus reduced their price objective on LGN from $101.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. Zacks Research lowered LGN from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 16th. Finally, BMO Capital Markets increased their target price on LGN from $100.00 to $105.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $96.67.

LGN Trading Down 21.7%

The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 62.98 and a beta of 3.42. The business has a 50-day simple moving average of $49.16 and a two-hundred day simple moving average of $62.81. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.35 and a current ratio of 1.35.

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

Insiders Place Their Bets

In other LGN news, CAO Bris Philippe Le sold 1,058 shares of the firm’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $55.01, for a total value of $58,200.58. Following the sale, the chief accounting officer owned 4,749 shares of the company’s stock, valued at approximately $261,242.49. This trade represents a 18.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.01% of the stock is owned by corporate insiders.

Institutional Trading of LGN

Institutional investors and hedge funds have recently bought and sold shares of the stock. Penn Capital Management Company LLC lifted its position in shares of LGN by 25.4% in the 3rd quarter. Penn Capital Management Company LLC now owns 390,983 shares of the company’s stock worth $21,024,000 after purchasing an additional 79,153 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of LGN by 35.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 808,113 shares of the company’s stock valued at $41,755,000 after purchasing an additional 211,829 shares during the last quarter. Summit Creek Advisors LLC boosted its stake in shares of LGN by 21.8% in the 3rd quarter. Summit Creek Advisors LLC now owns 112,260 shares of the company’s stock valued at $6,026,000 after purchasing an additional 20,093 shares during the last quarter. Kestra Advisory Services LLC increased its position in shares of LGN by 437.6% during the third quarter. Kestra Advisory Services LLC now owns 22,962 shares of the company’s stock worth $1,233,000 after buying an additional 18,691 shares during the period. Finally, Hiddenite Capital Partners LP acquired a new stake in shares of LGN during the third quarter worth $9,394,000.

LGN Company Profile

Legence Corp. (NASDAQ: LGN) is an energy-transition solutions provider that helps commercial, industrial and institutional customers improve building performance, reduce energy use and advance decarbonization goals. The company combines technical expertise, project delivery and operational services to address the energy and sustainability needs of complex facilities and infrastructure.

Its services include engineering and design, energy-efficiency improvements, building systems and infrastructure work, renewable-energy and electrification projects, sustainability consulting, and ongoing operations and maintenance.