LGN $LGN Stock: Penn Capital Management Company LLC Increases Stake

Key Points

• Penn Capital increased its LGN stake by 25.4% in the third quarter, adding 79,153 shares to bring its holdings to 390,983 shares, worth about $21 million. Several other institutional investors also increased or initiated positions.
• LGN reported a quarterly loss of $0.37 per share, missing the consensus estimate of $0.26 in earnings; revenue was $1.26 billion. The stock opened at $32.16, well below its 50-day and 200-day moving averages.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $96.67, though one firm recently downgraded its rating to Hold.

Penn Capital Management Company LLC grew its stake in shares of LGN (NASDAQ:LGN - Free Report) by 25.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 390,983 shares of the company's stock after purchasing an additional 79,153 shares during the quarter. LGN makes up approximately 1.5% of Penn Capital Management Company LLC's portfolio, making the stock its 13th biggest position. Penn Capital Management Company LLC owned 0.36% of LGN worth $21,024,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE grew its holdings in 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 acquiring an additional 419,997 shares during the last quarter. Value Aligned Research Advisors LLC raised its stake in shares of LGN by 124.6% during the second 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 last quarter. Renaissance Technologies LLC raised its stake 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 acquiring an additional 270,615 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of LGN by 35.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 808,113 shares of the company's stock worth $41,755,000 after purchasing an additional 211,829 shares during the period. Finally, Hiddenite Capital Partners LP purchased a new stake in shares of LGN during the third quarter worth about $9,394,000.

LGN Price Performance

LGN stock opened at $32.16 on Tuesday. LGN has a 1 year low of $23.90 and a 1 year high of $107.24. The firm has a 50-day moving average of $47.48 and a 200 day moving average of $62.52. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.35 and a quick ratio of 1.35.

LGN (NASDAQ:LGN - Get Free Report) last posted its quarterly earnings data 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). 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. As a group, equities research analysts anticipate that LGN will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

LGN has been the subject of a number of recent analyst reports. Bank of America upped their price target on LGN from $105.00 to $116.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Roth Capital reiterated a "buy" rating and issued a $120.00 price objective on shares of LGN in a research report on Wednesday, August 12th. Guggenheim reissued a "buy" rating and set a $90.00 target price on shares of LGN in a research note on Monday, October 26th. BMO Capital Markets boosted their target price on LGN from $100.00 to $105.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Finally, Zacks Research downgraded LGN from a "strong-buy" rating to a "hold" rating in a report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $96.67.

Insiders Place Their Bets

In other LGN news, CAO Bris Philippe Le sold 1,058 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $55.01, for a total value of $58,200.58. Following the completion of the transaction, the chief accounting officer owned 4,749 shares in the company, valued at approximately $261,242.49. This represents a 18.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.01% of the stock is currently owned by insiders.

About LGN

Legence Corp. provides engineering, installation and maintenance services for building systems. Its work includes heating, ventilation and air conditioning, plumbing, electrical systems, process piping, building automation and energy solutions.

The company serves customers with complex building needs, including in the data center, healthcare, life sciences, commercial and industrial sectors. Its services span the building lifecycle, from design and construction to ongoing operations and maintenance.

Legence was formerly known as Southland Industries, a building systems contractor founded in 1949.

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