CI Investments Inc. Sells 221,195 Shares of LGN $LGN

Key Points

• CI Investments Inc. cut its LGN stake by 28.1% in the first quarter, selling 221,195 shares and leaving it with 567,092 shares worth about $32.0 million.
• LGN reported mixed quarterly results, with EPS of $0.13 missing estimates but revenue jumping 105.2% year over year to $1.04 billion.
• Wall Street remains broadly positive on LGN, with analysts carrying a Moderate Buy rating and an average price target of $96.80 despite some recent rating changes.

CI Investments Inc. decreased its holdings in shares of LGN (NASDAQ:LGN - Free Report) by 28.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 567,092 shares of the company's stock after selling 221,195 shares during the quarter. CI Investments Inc. owned approximately 0.52% of LGN worth $32,018,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Assetmark Inc. bought a new stake in LGN in the 4th quarter valued at $31,000. Aster Capital Management DIFC Ltd bought a new position in shares of LGN during the fourth quarter worth approximately $64,000. KBC Group NV bought a new position in shares of LGN during the first quarter worth approximately $66,000. Kestra Advisory Services LLC acquired a new stake in LGN during the 4th quarter worth approximately $91,000. Finally, Clearstead Advisors LLC acquired a new stake in LGN during the 4th quarter worth approximately $140,000.

LGN Stock Up 0.4%

NASDAQ:LGN opened at $72.87 on Thursday. LGN has a twelve month low of $26.96 and a twelve month high of $107.24. 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 50-day simple moving average of $80.52. The firm has a market capitalization of $7.87 billion and a price-to-earnings ratio of 316.83.

LGN (NASDAQ:LGN - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.06). The business had revenue of $1.04 billion during the quarter. The business's revenue for the quarter was up 105.2% compared to the same quarter last year. On average, analysts anticipate that LGN will post 1.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. BMO Capital Markets increased their target price on shares of LGN from $63.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, May 15th. Zacks Research downgraded LGN from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 26th. Guggenheim lifted their price objective on LGN from $106.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 10th. Stifel Nicolaus upped their target price on LGN from $58.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, March 31st. Finally, Tigress Financial increased their target price on LGN from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $96.80.

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.

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