Engle Capital Management L.P. Sells 48,300 Shares of LGN $LGN

Key Points

• Engle Capital Management reduced its LGN stake by 8.6%, selling 48,300 shares and retaining 510,700 shares valued at approximately $28.8 million. LGN remains its second-largest holding, representing about 9.8% of its portfolio.
• LGN shares opened at $67.63, down 4.5%, after the company reported quarterly EPS of $0.13, below the $0.19 consensus estimate. Revenue rose 105.2% year over year to $1.04 billion.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $96.80, although price targets range from $60 to $115 and one firm maintains a sell rating.

Engle Capital Management L.P. lessened its stake in shares of LGN (NASDAQ:LGN - Free Report) by 8.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 510,700 shares of the company's stock after selling 48,300 shares during the period. LGN comprises approximately 9.8% of Engle Capital Management L.P.'s investment portfolio, making the stock its 2nd largest holding. Engle Capital Management L.P. owned 0.47% of LGN worth $28,834,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its stake in LGN by 57.9% in the first quarter. The Manufacturers Life Insurance Company now owns 18,129 shares of the company's stock valued at $1,024,000 after purchasing an additional 6,647 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of LGN by 87.6% during 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 last quarter. Sei Investments Co. raised its stake in shares of LGN by 132.0% during the 1st quarter. Sei Investments Co. now owns 104,136 shares of the company's stock worth $5,880,000 after purchasing an additional 59,250 shares in the last quarter. State of Wyoming bought a new stake in shares of LGN during the 1st quarter worth approximately $255,000. Finally, Cetera Investment Advisers acquired a new stake in shares of LGN in the 1st quarter valued at approximately $339,000.

LGN Stock Down 4.5%

LGN opened at $67.63 on Tuesday. LGN has a 12-month low of $26.96 and a 12-month high of $107.24. The firm has a market capitalization of $7.31 billion and a PE ratio of 294.04. The company has a 50 day simple moving average of $79.65. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.30 and a current ratio of 1.30.

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 firm had revenue of $1.04 billion during the quarter. The business's quarterly revenue was up 105.2% on a year-over-year basis. As a group, analysts expect that LGN will post 1.24 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on LGN. Weiss Ratings reissued a "sell (d-)" rating on shares of LGN in a research note on Friday, June 26th. Stifel Nicolaus upped their price target on shares of LGN from $58.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, March 31st. BMO Capital Markets increased their price target on shares of LGN from $63.00 to $100.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. Guggenheim lifted their price objective on shares of LGN from $106.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Finally, Barclays boosted their price objective on shares of LGN from $60.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, LGN currently has an average rating of "Moderate Buy" and an average price target of $96.80.

LGN Company Profile

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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