LGN (NASDAQ:LGN) Stock Price Down 11.9% - Here's What Happened

Key Points

• LGN shares fell 11.9% to about $59.58, with trading volume roughly 83% below the stock’s average session volume.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $96.80, despite the recent decline.
• LGN’s latest quarterly revenue more than doubled year over year to $1.04 billion, but earnings of $0.13 per share missed estimates by $0.06.

LGN (NASDAQ:LGN - Get Free Report)'s stock price dropped 11.9% on Tuesday . The stock traded as low as $59.38 and last traded at $59.5750. Approximately 256,928 shares were traded during trading, a decline of 83% from the average session volume of 1,470,853 shares. The stock had previously closed at $67.63.

Wall Street Analyst Weigh In

Several research firms have recently commented on LGN. BMO Capital Markets increased their price target on shares of LGN from $63.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, May 15th. Guggenheim increased their target price on LGN from $106.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 10th. Loop Capital started coverage on LGN in a report on Wednesday, April 29th. They issued a "buy" rating and a $96.00 price target for the company. Tigress Financial upped their price objective on LGN from $85.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, May 19th. Finally, Stifel Nicolaus lifted their price objective on LGN from $58.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $96.80.

LGN Stock Down 10.3%

The company has a fifty day simple moving average of $79.65. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.06. The firm has a market cap of $6.55 billion and a price-to-earnings ratio of 263.78.

LGN (NASDAQ:LGN - Get Free Report) last released its earnings results on Thursday, May 14th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.06). The company had revenue of $1.04 billion during the quarter. LGN's revenue for the quarter was up 105.2% on a year-over-year basis. Equities research analysts anticipate that LGN will post 1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LGN

A number of institutional investors have recently bought and sold shares of LGN. Assetmark Inc. acquired a new stake in shares of LGN during the 4th quarter worth $31,000. KBC Group NV acquired a new position in LGN in the first quarter valued at $66,000. Aster Capital Management DIFC Ltd purchased a new stake in LGN during the fourth quarter valued at about $64,000. Clearbridge Investments LLC increased its stake in LGN by 0.4% during the fourth quarter. Clearbridge Investments LLC now owns 401,667 shares of the company's stock worth $17,288,000 after acquiring an additional 1,667 shares during the last quarter. Finally, Symmetry Investments LP raised its holdings in shares of LGN by 21.9% in the 4th quarter. Symmetry Investments LP now owns 9,750 shares of the company's stock worth $420,000 after purchasing an additional 1,750 shares during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.