LGN (NASDAQ:LGN) Shares Down 6.5% on Disappointing Earnings

Key Points

• LGN shares fell 6.5% to about $64.23 after the company reported a quarterly loss of $0.37 per share, missing the consensus estimate of $0.26 earnings per share. Revenue totaled $1.26 billion.
• Despite the earnings miss, analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $98.91; several firms recently raised targets to between $99 and $120.
• Several institutional investors established new positions in LGN during the fourth quarter, while the company has a $6.90 billion market capitalization and a high price-to-earnings ratio of 277.94.

LGN (NASDAQ:LGN - Get Free Report)'s share price traded down 6.5% on Thursday following a dissappointing earnings announcement. The stock traded as low as $63.45 and last traded at $64.2260. Approximately 271,360 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,466,573 shares. The stock had previously closed at $68.68.

The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.63). The firm had revenue of $1.26 billion during the quarter.

Analysts Set New Price Targets

A number of equities analysts have recently commented on LGN shares. BTIG Research raised their price objective on LGN from $75.00 to $120.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Loop Capital initiated coverage on shares of LGN in a research report on Wednesday, April 29th. They set a "buy" rating and a $96.00 target price for the company. BMO Capital Markets raised their price target on shares of LGN from $63.00 to $100.00 and gave the company an "outperform" rating in a report on Friday, May 15th. Roth Capital reaffirmed a "buy" rating and set a $120.00 price target on shares of LGN in a research report on Wednesday. Finally, 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 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.91.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LGN. Assetmark Inc. acquired a new stake in LGN during the 4th quarter valued at $31,000. Freestone Capital Holdings LLC purchased a new position in LGN in the 4th quarter valued at about $1,153,000. Capelight Capital Asset Management LP purchased a new position in LGN in the 4th quarter valued at about $4,089,000. LBP AM SA acquired a new stake in shares of LGN during the fourth quarter valued at about $2,887,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of LGN during the fourth quarter valued at about $3,179,000.

LGN Stock Performance

The firm has a market capitalization of $6.90 billion and a PE ratio of 277.94. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.30 and a quick ratio of 1.30. The stock has a 50-day moving average price of $74.63 and a 200-day moving average price of $68.32.

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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