LGN (NASDAQ:LGN) Stock Price Up 12.4% – Should You Buy?

LGN (NASDAQ:LGN)’s stock price was up 12.4% during trading on Monday. The stock traded as high as $31.38 and last traded at $31.3710. Approximately 601,960 shares were traded during trading, a decline of 58% from the average daily volume of 1,420,634 shares. The stock had previously closed at $27.91.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on LGN. BTIG Research restated a “buy” rating and issued a $100.00 price objective (down from $120.00) on shares of LGN in a report on Friday, August 14th. Royal Bank Of Canada lowered their target price on shares of LGN from $101.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. BMO Capital Markets upped their target price on shares of LGN from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Roth Capital reissued a “buy” rating and issued a $120.00 price target on shares of LGN in a research note on Wednesday, August 12th. Finally, Guggenheim restated a “buy” rating and issued a $90.00 price target on shares of LGN in a research report on Monday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.67.

LGN Price Performance

The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 78.44 and a beta of 3.42. The company has a 50-day moving average price of $47.92 and a 200-day moving average price of $62.60. 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 announced its quarterly 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). 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. On average, equities research analysts expect that LGN will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Bris Philippe Le sold 1,058 shares of LGN stock in a transaction on Friday, September 18th. The shares were sold at an average price of $55.01, for a total transaction of $58,200.58. Following the transaction, the chief accounting officer directly owned 4,749 shares of the company’s stock, valued at $261,242.49. This trade represents a 18.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.01% of the company’s stock.

Institutional Trading of LGN

Several hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its position in shares of LGN by 35.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 808,113 shares of the company’s stock worth $41,755,000 after acquiring an additional 211,829 shares in the last quarter. Value Aligned Research Advisors LLC lifted its position in LGN by 124.6% in the 2nd quarter. Value Aligned Research Advisors LLC now owns 692,150 shares of the company’s stock valued at $58,992,000 after acquiring an additional 384,009 shares in the last quarter. Bank of America Corp DE lifted its position in LGN by 161.4% in the 1st 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 in the last quarter. Renaissance Technologies LLC boosted its stake in LGN by 87.6% in the 1st 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 during the period. Finally, Penn Capital Management Company LLC increased its holdings in LGN by 25.4% during 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 in the last quarter.

About LGN

Legence Corp. provides engineering, installation and maintenance services for building systems. Its work includes heating, ventilation and air conditioning, plumbing, electrical systems, process piping, building automation and energy solutions.

The company serves customers with complex building needs, including in the data center, healthcare, life sciences, commercial and industrial sectors. Its services span the building lifecycle, from design and construction to ongoing operations and maintenance.

Legence was formerly known as Southland Industries, a building systems contractor founded in 1949.