LGN (NASDAQ:LGN) Shares Down 11.9% – Time to Sell?

LGN (NASDAQ:LGN) shares were down 11.9% during mid-day trading on Tuesday . The company traded as low as $59.38 and last traded at $59.5750. Approximately 256,928 shares changed hands during trading, a decline of 83% from the average daily volume of 1,470,853 shares. The stock had previously closed at $67.63.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. BTIG Research increased their price objective on shares of LGN from $75.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LGN in a research report on Friday, June 26th. Tigress Financial increased their price target on LGN from $85.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, May 19th. Stifel Nicolaus boosted their price objective on LGN from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, March 31st. Finally, Guggenheim upped their target price on LGN from $106.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, LGN has an average rating of “Moderate Buy” and a consensus price target of $96.80.

LGN Stock Performance

The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.06. The stock has a market cap of $6.55 billion and a PE ratio of 263.78. The business has a fifty day simple moving average of $79.65.

LGN (NASDAQ:LGN) last announced its earnings results on Thursday, May 14th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.06). The firm had revenue of $1.04 billion during the quarter. The business’s revenue for the quarter was up 105.2% on a year-over-year basis. As a group, analysts forecast that LGN will post 1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On LGN

Hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC raised its position in shares of LGN by 128.4% in the 4th quarter. Janus Henderson Group PLC now owns 4,401,402 shares of the company’s stock valued at $189,442,000 after purchasing an additional 2,474,220 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in LGN during the 4th quarter worth approximately $69,438,000. Vanguard Group Inc. lifted its stake in LGN by 78.1% during the fourth quarter. Vanguard Group Inc. now owns 3,227,670 shares of the company’s stock worth $138,919,000 after purchasing an additional 1,415,282 shares during the last quarter. Munro Partners grew its position in shares of LGN by 1,875.9% during the 4th quarter. Munro Partners now owns 1,396,642 shares of the company’s stock valued at $60,111,000 after buying an additional 1,325,957 shares during the last quarter. Finally, CI Investments Inc. lifted its stake in LGN by 2,209.7% in the fourth quarter. CI Investments Inc. now owns 788,287 shares of the company’s stock valued at $33,928,000 after buying an additional 754,157 shares during the last quarter.

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.