LGN $LGN Shares Sold by Kerrisdale Advisers LLC

Key Points

• Kerrisdale Advisers LLC cut its LGN position by 88.9% in the second quarter, selling 94,198 shares and retaining 11,722 shares valued at approximately $999,000.
• Other major institutional investors, including Janus Henderson, Vanguard, Munro Partners and CI Investments, significantly increased their LGN holdings during the fourth quarter.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $99.50, despite LGN’s recent quarterly loss of $0.37 per share, which missed expectations.

Kerrisdale Advisers LLC trimmed its position in shares of LGN (NASDAQ:LGN - Free Report) by 88.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,722 shares of the company's stock after selling 94,198 shares during the quarter. Kerrisdale Advisers LLC's holdings in LGN were worth $999,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its holdings in LGN by 128.4% in the 4th quarter. Janus Henderson Group PLC now owns 4,401,402 shares of the company's stock valued at $189,442,000 after purchasing an additional 2,474,220 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of LGN in the fourth quarter valued at about $69,438,000. Vanguard Group Inc. raised its position in shares of LGN by 78.1% in the fourth quarter. Vanguard Group Inc. now owns 3,227,670 shares of the company's stock valued at $138,919,000 after buying an additional 1,415,282 shares during the last quarter. Munro Partners lifted its stake in shares of LGN by 1,875.9% in the fourth quarter. Munro Partners now owns 1,396,642 shares of the company's stock worth $60,111,000 after buying an additional 1,325,957 shares in the last quarter. Finally, CI Investments Inc. boosted its position in LGN by 2,209.7% during the fourth quarter. CI Investments Inc. now owns 788,287 shares of the company's stock worth $33,928,000 after acquiring an additional 754,157 shares during the last quarter.

Wall Street Analysts Forecast Growth

LGN has been the subject of several research reports. BTIG Research reaffirmed a "buy" rating and set a $100.00 price objective (down from $120.00) on shares of LGN in a research note on Friday, August 14th. Weiss Ratings raised shares of LGN from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Friday, August 14th. Tigress Financial boosted their target price on LGN from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 19th. Zacks Research upgraded LGN from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $120.00 price target on shares of LGN in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $99.50.

LGN Stock Performance

Shares of LGN opened at $53.85 on Monday. LGN has a 12-month low of $26.96 and a 12-month high of $107.24. The firm has a market capitalization of $5.82 billion and a P/E ratio of 134.62. The firm has a 50-day moving average price of $68.73 and a 200 day moving average price of $69.31. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.03.

LGN (NASDAQ:LGN - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.63). The firm had revenue of $1.26 billion for the quarter. LGN had a positive return on equity of 4.33% and a negative net margin of 1.20%. Sell-side analysts forecast that LGN will post 1.36 EPS for the current year.

LGN 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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