LGN (NASDAQ:LGN) Shares Down 8.8% – Here’s What Happened

LGN (NASDAQ:LGN) dropped 8.8% on Tuesday . The company traded as low as $70.46 and last traded at $70.9380. 483,489 shares were traded during trading, a decline of 67% from the average session volume of 1,482,882 shares. The stock had previously closed at $77.78.

Analyst Ratings Changes

Several brokerages recently commented on LGN. Glj Research initiated coverage on shares of LGN in a report on Tuesday, April 21st. They set a “buy” rating and a $99.00 target price for the company. Stifel Nicolaus lifted their target price on LGN from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, March 31st. BTIG Research lifted their target price on LGN from $75.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of LGN in a research report on Friday, June 26th. Finally, Guggenheim upped their price target on shares of LGN from $53.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.40.

LGN Stock Down 8.6%

The company has a debt-to-equity ratio of 1.06, a current ratio of 1.30 and a quick ratio of 1.30. The stock has a market capitalization of $7.68 billion and a price-to-earnings ratio of 308.17. The business’s 50 day moving average is $85.61.

LGN (NASDAQ:LGN) last announced its quarterly earnings data 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 company had revenue of $1.04 billion during the quarter. The company’s quarterly revenue was up 105.2% on a year-over-year basis. Research analysts forecast that LGN will post 1.24 EPS for the current fiscal year.

Institutional Trading of LGN

A number of hedge funds have recently made changes to their positions in LGN. Assetmark Inc. acquired a new position in shares of LGN during the fourth quarter worth $31,000. KBC Group NV bought a new stake in LGN in the first quarter valued at $66,000. Aster Capital Management DIFC Ltd acquired a new position in LGN during the 4th quarter worth approximately $64,000. Clearbridge Investments LLC raised its position in shares of LGN by 0.4% during the fourth quarter. Clearbridge Investments LLC now owns 401,667 shares of the company’s stock worth $17,288,000 after purchasing an additional 1,667 shares during the period. Finally, Symmetry Investments LP lifted its holdings in shares of LGN by 21.9% in the 4th quarter. Symmetry Investments LP now owns 9,750 shares of the company’s stock worth $420,000 after purchasing an additional 1,750 shares in the last quarter.

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.