Conestoga Capital Advisors LLC Sells 114,620 Shares of LGN $LGN

Key Points

• Conestoga Capital Advisors cut its LGN stake by 22.6% in the third quarter, selling 114,620 shares and retaining 391,958 shares, valued at about $21 million.
• Analyst sentiment remains generally positive: LGN has a consensus “Moderate Buy” rating and an average price target of $96.67, though several firms recently lowered their targets.
• LGN reported a quarterly loss of $0.37 per share, missing the $0.26 consensus estimate. Shares opened at $32.13, near the company’s 12-month low of $30.79.

Conestoga Capital Advisors LLC lowered its position in shares of LGN (NASDAQ:LGN - Free Report) by 22.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 391,958 shares of the company's stock after selling 114,620 shares during the period. Conestoga Capital Advisors LLC owned 0.36% of LGN worth $21,040,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of LGN. Value Aligned Research Advisors LLC grew its position in LGN by 22.4% in the 1st quarter. Value Aligned Research Advisors LLC now owns 308,141 shares of the company's stock worth $17,398,000 after purchasing an additional 56,460 shares during the last quarter. WINTON GROUP Ltd increased its stake in shares of LGN by 174.0% in the second quarter. WINTON GROUP Ltd now owns 83,300 shares of the company's stock valued at $7,100,000 after purchasing an additional 52,904 shares during the period. Allianz Asset Management GmbH bought a new stake in shares of LGN during the second quarter valued at approximately $1,568,000. Renaissance Technologies LLC raised its holdings in shares of LGN by 87.6% during the first quarter. Renaissance Technologies LLC now owns 579,700 shares of the company's stock valued at $32,730,000 after buying an additional 270,615 shares during the last quarter. Finally, Swiss National Bank acquired a new position in shares of LGN during the first quarter worth approximately $4,500,000.

Insider Buying and Selling

In related news, CAO Bris Philippe Le sold 4,196 shares of the business's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $54.06, for a total transaction of $226,835.76. Following the transaction, the chief accounting officer owned 6,148 shares of the company's stock, valued at approximately $332,360.88. The trade was a 40.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.01% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

LGN has been the subject of a number of recent analyst reports. BTIG Research reissued 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. Barclays cut their target price on LGN from $80.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Monday, October 19th. Roth Capital reiterated a "buy" rating and set a $120.00 price target on shares of LGN in a research report on Wednesday, August 12th. BMO Capital Markets increased their price target on LGN from $100.00 to $105.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Finally, Stifel Nicolaus lowered their price target on LGN from $101.00 to $82.00 and set a "buy" rating on the stock in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $96.67.

LGN Price Performance

Shares of NASDAQ:LGN opened at $32.13 on Thursday. The company has a 50 day moving average of $49.16 and a 200-day moving average of $62.81. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.03. LGN has a twelve month low of $30.79 and a twelve month high of $107.24.

LGN (NASDAQ:LGN - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.63). The firm had revenue of $1.26 billion for the quarter. LGN had a negative net margin of 1.20% and a positive return on equity of 4.33%. On average, research analysts expect that LGN will post 1.36 earnings per share for the current year.

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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