Mirae Asset Global Investments Co. Ltd. Purchases New Position in LGN $LGN

Key Points

• Mirae Asset Global Investments initiated a position in LGN, buying 73,585 shares worth about $3.95 million, or 0.07% of the company. Several other institutional investors also added or opened positions in the third quarter.
• 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 company had a negative net margin of 1.20%.
• Analysts overall rate LGN a “Moderate Buy,” with a consensus price target of $96.67, though the stock was recently quoted at $27.91 and has fallen sharply from its 52-week high of $107.24.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of LGN (NASDAQ:LGN - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 73,585 shares of the company's stock, valued at approximately $3,950,000. Mirae Asset Global Investments Co. Ltd. owned 0.07% of LGN at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in LGN by 105.0% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 20,700 shares of the company's stock worth $1,111,000 after buying an additional 10,600 shares during the period. Capelight Capital Asset Management LP grew its position in shares of LGN by 6.4% during the third quarter. Capelight Capital Asset Management LP now owns 175,500 shares of the company's stock worth $9,421,000 after acquiring an additional 10,500 shares during the last quarter. Reyes Financial Architecture Inc. acquired a new stake in shares of LGN in the 3rd quarter worth about $45,000. Vontobel Holding Ltd. acquired a new stake in shares of LGN in the 3rd quarter worth about $1,035,000. Finally, State of Alaska Department of Revenue bought a new stake in LGN in the 3rd quarter valued at about $204,000.

Insider Buying and Selling

In related news, CAO Bris Philippe Le sold 1,058 shares of the business's stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $55.01, for a total transaction of $58,200.58. Following the sale, the chief accounting officer owned 4,749 shares of the company's stock, valued at $261,242.49. The trade was a 18.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.01% of the stock is currently owned by insiders.

LGN Price Performance

LGN stock traded up $2.50 during trading on Friday, hitting $27.91. The company had a trading volume of 4,194,919 shares, compared to its average volume of 1,472,426. The business has a 50 day moving average of $47.92 and a 200 day moving average of $62.60. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 69.77 and a beta of 3.42. 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 has a fifty-two week low of $23.90 and a fifty-two week high of $107.24.

LGN (NASDAQ:LGN - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of $0.26 by ($0.63). The company 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%. As a group, research analysts predict that LGN will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on LGN shares. BTIG Research reissued a "buy" rating and set a $100.00 target price (down from $120.00) on shares of LGN in a research note on Friday, August 14th. Roth Capital restated a "buy" rating and issued a $120.00 price target on shares of LGN in a research note on Wednesday, August 12th. Bank of America lifted their price target on LGN from $105.00 to $116.00 and gave the company a "buy" rating in a report on Friday, August 14th. Weiss Ratings downgraded LGN from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, October 30th. Finally, Tigress Financial increased their price objective on LGN from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, LGN has an average rating of "Moderate Buy" and a consensus price target of $96.67.

LGN Profile

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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