Massachusetts Financial Services Co. MA Cuts Holdings in LGN $LGN

Key Points

• Massachusetts Financial Services (MFS) trimmed its stake in LGN by 15.4% to 2,016,178 shares (about 1.91% ownership) valued at roughly $86.78 million, while Harbor Capital Advisors initiated a new ~$1.22 million position.
• Analyst sentiment is broadly positive with 7 buys, 2 holds, and 1 sell, an average price target of $62.25, and several firms (BMO, BTIG, Barclays) recently raising targets.
• LGN missed on earnings (reported -$0.55 EPS vs. $0.05 estimate) but topped revenue expectations with $737.6 million (+34.5% YoY); the stock recently traded near its 52-week high around $65.

Massachusetts Financial Services Co. MA cut its position in shares of LGN (NASDAQ:LGN - Free Report) by 15.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,016,178 shares of the company's stock after selling 367,369 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.91% of LGN worth $86,776,000 as of its most recent SEC filing.

Separately, Harbor Capital Advisors Inc. purchased a new position in LGN during the fourth quarter worth about $1,220,000.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on LGN shares. Barclays boosted their price target on shares of LGN from $37.00 to $45.00 and gave the stock an "equal weight" rating in a report on Friday, January 23rd. Tigress Financial restated a "buy" rating and set a $60.00 price target on shares of LGN in a report on Friday, March 27th. BMO Capital Markets boosted their price target on shares of LGN from $46.00 to $63.00 and gave the stock an "outperform" rating in a report on Monday, March 30th. BTIG Research boosted their price target on shares of LGN from $45.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, March 27th. Finally, Weiss Ratings started coverage on shares of LGN in a report on Wednesday, January 14th. They set a "sell (d+)" rating on the stock. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.25.

LGN Stock Performance

Shares of LGN stock opened at $65.38 on Tuesday. The company has a market capitalization of $7.06 billion and a price-to-earnings ratio of -6,538.00. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.03. LGN has a 52 week low of $26.96 and a 52 week high of $65.43. The stock has a 50-day moving average of $53.19.

LGN (NASDAQ:LGN - Get Free Report) last announced its quarterly earnings data on Friday, March 27th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.60). The business had revenue of $737.64 million for the quarter, compared to analyst estimates of $616.05 million. The business's revenue for the quarter was up 34.5% on a year-over-year basis.

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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