LGN (NASDAQ:LGN) Stock Price Down 13% – Time to Sell?

LGN (NASDAQ:LGN)’s share price dropped 13% during mid-day trading on Wednesday. The stock traded as low as $33.46 and last traded at $34.0720. Approximately 185,832 shares changed hands during trading, a decline of 87% from the average session volume of 1,382,387 shares. The stock had previously closed at $39.16.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on LGN shares. Zacks Research downgraded shares of LGN from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 16th. Stifel Nicolaus dropped their price target on LGN from $101.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Roth Capital reaffirmed a “buy” rating and set a $120.00 price objective on shares of LGN in a research note on Wednesday, August 12th. Royal Bank Of Canada decreased their price objective on LGN from $101.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, October 15th. Finally, BMO Capital Markets upped their price target on LGN from $100.00 to $105.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $96.67.

LGN Stock Up 12.0%

The company has a debt-to-equity ratio of 1.03, a current ratio of 1.35 and a quick ratio of 1.35. The firm’s 50-day moving average price is $48.51 and its 200 day moving average price is $62.69. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 71.14 and a beta of 3.42.

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

Insider Buying and Selling at LGN

In other LGN news, CAO Bris Philippe Le sold 4,196 shares of the business’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $54.06, for a total transaction of $226,835.76. Following the transaction, the chief accounting officer owned 6,148 shares in the company, valued at $332,360.88. The trade was a 40.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.01% of the company’s stock.

Institutional Trading of LGN

Several institutional investors and hedge funds have recently bought and sold shares of LGN. Allspring Global Investments Holdings LLC increased its holdings in LGN by 35.5% during 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 in the last quarter. Value Aligned Research Advisors LLC boosted its stake in LGN by 124.6% in the second quarter. Value Aligned Research Advisors LLC now owns 692,150 shares of the company’s stock worth $58,992,000 after purchasing an additional 384,009 shares in the last quarter. Bank of America Corp DE boosted 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 purchasing an additional 419,997 shares in the last quarter. Renaissance Technologies LLC boosted its stake 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. Finally, Penn Capital Management Company LLC boosted its stake in LGN by 25.4% in the third 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 in the last quarter.

About LGN

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.