LGN (NASDAQ:LGN) Trading 5.6% Higher – Here’s What Happened

LGN (NASDAQ:LGN)’s stock price shot up 5.6% during trading on Friday . The stock traded as high as $65.46 and last traded at $63.1870. 212,752 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,495,177 shares. The stock had previously closed at $59.81.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on LGN shares. BTIG Research increased their price objective on shares of LGN from $75.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Royal Bank Of Canada decreased their price target on shares of LGN from $106.00 to $101.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 22nd. BMO Capital Markets increased their price target on shares of LGN from $63.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, May 15th. Tigress Financial raised their price objective on shares of LGN from $85.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, May 19th. Finally, Guggenheim raised their price objective on shares of LGN from $106.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. One investment 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.80.

LGN Stock Up 9.2%

The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.06. The company has a fifty day moving average of $78.20. The firm has a market capitalization of $7.05 billion and a P/E ratio of 283.64.

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

Institutional Trading of LGN

A number of institutional investors have recently modified their holdings of LGN. Value Aligned Research Advisors LLC raised its stake in LGN by 22.4% in the first quarter. Value Aligned Research Advisors LLC now owns 308,141 shares of the company’s stock valued at $17,398,000 after purchasing an additional 56,460 shares in the last quarter. Freestone Capital Holdings LLC acquired a new stake in LGN during the fourth quarter worth about $1,153,000. Pictet Asset Management Holding SA bought a new position in LGN in the 4th quarter valued at about $1,722,000. Capelight Capital Asset Management LP bought a new position in LGN in the 4th quarter valued at about $4,089,000. Finally, Renaissance Technologies LLC increased its holdings in LGN by 87.6% in the 1st quarter. Renaissance Technologies LLC now owns 579,700 shares of the company’s stock valued at $32,730,000 after buying an additional 270,615 shares during the period.

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.