LGN (NASDAQ:LGN) Trading 5.6% Higher - Time to Buy?

Key Points

• LGN shares rose 5.6% to about $63.19, although trading volume was 86% below the average session volume.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $96.80, while recent targets range as high as $125.
• Legence reported revenue growth of 105.2% year over year to $1.04 billion, but quarterly EPS of $0.13 missed expectations of $0.19; the stock trades at a high P/E ratio of 283.64.

LGN (NASDAQ:LGN - Get Free Report)'s share price traded up 5.6% during trading on Friday . The company traded as high as $65.46 and last traded at $63.1870. 212,752 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,495,177 shares. The stock had previously closed at $59.81.

Wall Street Analysts Forecast Growth

LGN has been the subject of a number of research reports. Glj Research started coverage on LGN in a report on Tuesday, April 21st. They set a "buy" rating and a $99.00 price objective for the company. BMO Capital Markets boosted their target price on LGN from $63.00 to $100.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. The Goldman Sachs Group upped their price target on LGN from $63.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. BTIG Research raised their price target on shares of LGN from $75.00 to $120.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Finally, Tigress Financial lifted their price objective on shares of LGN from $85.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, LGN currently has an average rating of "Moderate Buy" and a consensus target price of $96.80.

LGN Stock Up 9.2%

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 business has a fifty day simple moving average of $78.20. The stock has a market cap of $7.05 billion and a price-to-earnings ratio of 283.64.

LGN (NASDAQ:LGN - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.13 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. As a group, analysts anticipate that LGN will post 1.24 EPS for the current year.

Hedge Funds Weigh In On LGN

Institutional investors have recently bought and sold shares of the business. Avior Wealth Management LLC acquired a new stake in shares of LGN in the second quarter valued at approximately $203,000. Bank of America Corp DE increased its holdings in shares of LGN by 161.4% during the 1st quarter. Bank of America Corp DE now owns 680,217 shares of the company's stock worth $38,405,000 after acquiring an additional 419,997 shares during the last quarter. Value Aligned Research Advisors LLC increased its holdings in shares of LGN by 22.4% during the 1st quarter. Value Aligned Research Advisors LLC now owns 308,141 shares of the company's stock worth $17,398,000 after acquiring an additional 56,460 shares during the last quarter. Royal Bank of Canada raised its stake in LGN by 662.4% in the 1st quarter. Royal Bank of Canada now owns 22,856 shares of the company's stock valued at $1,290,000 after acquiring an additional 19,858 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in LGN by 57.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 18,129 shares of the company's stock valued at $1,024,000 after acquiring an additional 6,647 shares during the period.

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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