LGN (NASDAQ:LGN) Sees Large Volume Increase - Time to Buy?

Key Points

• LGN experienced an unusually large volume spike of 3,354,911 shares (up 190% vs. the prior session) and the stock traded around $56.03, rising roughly 4.1%.
• Analysts are broadly optimistic with a consensus rating of Moderate Buy (7 Buys, 2 Holds, 1 Sell) and a consensus target of $62.25, with several firms recently raising targets (BTIG to $75, Guggenheim to $68, Goldman to $63).
• The company missed EPS expectations for the quarter (−$0.55 vs. $0.05 expected) but beat revenue at $737.64M, up 34.5% YoY.

LGN (NASDAQ:LGN - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 3,354,911 shares traded hands during trading, an increase of 190% from the previous session's volume of 1,156,989 shares.The stock last traded at $56.0280 and had previously closed at $54.98.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on LGN shares. Barclays increased their target price on LGN from $37.00 to $45.00 and gave the company an "equal weight" rating in a research note on Friday, January 23rd. Guggenheim increased their target price on LGN from $53.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, March 26th. BTIG Research increased their target price on LGN from $45.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, March 27th. Stifel Nicolaus increased their target price on LGN from $58.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, March 31st. Finally, The Goldman Sachs Group increased their target price on LGN from $52.00 to $63.00 and gave the company a "buy" rating in a research note on Monday, March 30th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $62.25.

LGN Stock Up 4.1%

The business has a 50 day simple moving average of $52.22. The stock has a market cap of $6.19 billion and a PE ratio of -5,720.60. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.98.

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

Hedge Funds Weigh In On LGN

Several large investors have recently added to or reduced their stakes in LGN. Assetmark Inc. bought a new position in LGN during the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd bought a new position in LGN during the fourth quarter worth $64,000. Kestra Advisory Services LLC bought a new position in LGN during the fourth quarter worth $91,000. Clearstead Advisors LLC bought a new position in LGN during the fourth quarter worth $140,000. Finally, Comerica Bank bought a new position in LGN during the fourth quarter worth $192,000.

About LGN

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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