LGN (NASDAQ:LGN) Trading 9.7% Higher – Here’s What Happened

LGN (NASDAQ:LGN)’s stock price traded up 9.7% during mid-day trading on Tuesday . The company traded as high as $57.70 and last traded at $58.1150. Approximately 269,669 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,417,835 shares. The stock had previously closed at $52.97.

Analyst Upgrades and Downgrades

Several research analysts recently commented on LGN shares. BTIG Research reissued a “buy” rating and issued a $100.00 price objective (down from $120.00) on shares of LGN in a research note on Friday, August 14th. Royal Bank Of Canada dropped their target price on shares of LGN from $106.00 to $101.00 and set an “outperform” rating for the company in a report on Wednesday, July 22nd. Tigress Financial increased their target price on shares of LGN from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 19th. Zacks Research upgraded shares of LGN from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Finally, Weiss Ratings cut shares of LGN from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 31st. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, LGN has an average rating of “Moderate Buy” and an average price target of $99.50.

LGN Price Performance

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 stock has a 50 day simple moving average of $64.14 and a two-hundred day simple moving average of $69.55. The company has a market cap of $5.78 billion and a price-to-earnings ratio of 133.88.

LGN (NASDAQ:LGN) last issued 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). The company had revenue of $1.26 billion during the quarter. LGN had a positive return on equity of 4.33% and a negative net margin of 1.20%. On average, equities research analysts predict that LGN will post 1.36 earnings per share for the current fiscal year.

Institutional Trading of LGN

Hedge funds have recently made changes to their positions in the company. KBC Group NV acquired a new position in LGN in the first quarter valued at approximately $66,000. Aster Capital Management DIFC Ltd purchased a new stake in LGN in the fourth quarter valued at $64,000. Nykredit A S acquired a new position in shares of LGN in the 2nd quarter valued at $128,000. Kestra Advisory Services LLC acquired a new position in shares of LGN in the 4th quarter valued at $91,000. Finally, Avior Wealth Management LLC purchased a new position in shares of LGN during the 2nd quarter worth $203,000.

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.