175,000 Shares in LGN $LGN Acquired by Hiddenite Capital Partners LP

Key Points

• Hiddenite Capital Partners acquired 175,000 LGN shares worth approximately $9.4 million during the third quarter, making LGN about 1.7% of its portfolio and representing 0.16% of the company.
• Several institutional investors increased their LGN holdings, including Value Aligned Research Advisors, Bank of America, Renaissance Technologies, Allspring Global Investments and Capelight Capital.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and average price target of $96.67. LGN opened at $36.41, well below its 52-week high of $107.24, after missing its latest quarterly EPS estimate.

Hiddenite Capital Partners LP purchased a new position in LGN (NASDAQ:LGN - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 175,000 shares of the company's stock, valued at approximately $9,394,000. LGN accounts for about 1.7% of Hiddenite Capital Partners LP's portfolio, making the stock its 21st largest position. Hiddenite Capital Partners LP owned 0.16% of LGN as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Value Aligned Research Advisors LLC grew its position in shares of LGN by 124.6% during 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 during the period. Bank of America Corp DE increased its stake in shares of LGN by 161.4% in the 1st 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 raised its holdings 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. Allspring Global Investments Holdings LLC raised its holdings in LGN by 65.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 176,251 shares of the company's stock worth $9,951,000 after purchasing an additional 69,914 shares during the period. Finally, Capelight Capital Asset Management LP raised its holdings in LGN by 6.4% in the 3rd quarter. Capelight Capital Asset Management LP now owns 175,500 shares of the company's stock worth $9,421,000 after purchasing an additional 10,500 shares during the period.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LGN. Stifel Nicolaus lowered their target price on LGN from $101.00 to $82.00 and set a "buy" rating on the stock in a research report on Thursday, October 8th. Weiss Ratings lowered LGN from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday. Roth Capital restated a "buy" rating and issued a $120.00 price target on shares of LGN in a research report on Wednesday, August 12th. Zacks Research downgraded LGN from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 16th. Finally, Royal Bank Of Canada lowered their price objective on LGN from $101.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $96.67.

LGN Stock Performance

LGN opened at $36.41 on Tuesday. The company has a 50 day simple moving average of $50.01 and a two-hundred day simple moving average of $63.01. 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 has a market cap of $3.94 billion and a P/E ratio of 91.02. LGN has a 1-year low of $33.01 and a 1-year high of $107.24.

LGN (NASDAQ:LGN - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate 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 for the quarter. Equities analysts forecast that LGN will post 1.36 earnings per share for the current fiscal year.

Insider Transactions at LGN

In other LGN news, CAO Bris Philippe Le sold 1,058 shares of the firm's stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $55.01, for a total transaction of $58,200.58. Following the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.01% of the company's stock.

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.

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