Swiss National Bank Takes $4.50 Million Position in LGN $LGN

Key Points

• Swiss National Bank established a new LGN position in the first quarter, purchasing 79,700 shares worth approximately $4.5 million, or 0.07% of the company.
• Institutional interest increased significantly, with Janus Henderson, Vanguard, Munro Partners and CI Investments expanding their holdings, while Westfield Capital opened a new position.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $96.80, although LGN recently missed quarterly EPS estimates despite revenue more than doubling year over year.

Swiss National Bank bought a new position in shares of LGN (NASDAQ:LGN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 79,700 shares of the company's stock, valued at approximately $4,500,000. Swiss National Bank owned 0.07% of LGN at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Janus Henderson Group PLC lifted its holdings in LGN by 128.4% during 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 during the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of LGN in the fourth quarter valued at $69,438,000. Vanguard Group Inc. increased its holdings 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 purchasing an additional 1,415,282 shares during the last quarter. Munro Partners raised its position 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 valued at $60,111,000 after purchasing an additional 1,325,957 shares during the period. Finally, CI Investments Inc. raised its position in shares of LGN by 2,209.7% in the fourth quarter. CI Investments Inc. now owns 788,287 shares of the company's stock valued at $33,928,000 after purchasing an additional 754,157 shares during the period.

Analyst Ratings Changes

A number of analysts have recently issued reports on LGN shares. Glj Research assumed coverage on shares of LGN in a research note on Tuesday, April 21st. They set a "buy" rating and a $99.00 target price for the company. BTIG Research increased their price target on shares of LGN from $75.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, May 14th. Tigress Financial raised their price objective on shares of LGN from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Tuesday, May 19th. Royal Bank Of Canada cut their price objective on shares of LGN from $106.00 to $101.00 and set an "outperform" rating for the company in a research report on Wednesday, July 22nd. Finally, The Goldman Sachs Group boosted their price objective on LGN from $63.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $96.80.

LGN Stock Performance

LGN opened at $53.08 on Thursday. LGN has a fifty-two week low of $26.96 and a fifty-two week high of $107.24. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $5.73 billion and a P/E ratio of 230.78. The stock's fifty day moving average price is $78.64.

LGN (NASDAQ:LGN - Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). The firm had revenue of $1.04 billion for the quarter. LGN's quarterly revenue was up 105.2% compared to the same quarter last year. On average, equities research analysts predict that LGN will post 1.24 earnings per share for the current fiscal 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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