LGN (NASDAQ:LGN) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Zacks Research upgraded LGN from “hold” to “strong buy.” Other analysts also remain broadly positive, giving the stock a consensus “moderate buy” rating and an average price target of $99.08.
• LGN shares opened at $63.66, down 9.1%, and trade well below their 12-month high of $107.24. The company has a $6.88 billion market capitalization and a high price-to-earnings ratio of 159.15.
• Legence reported quarterly revenue of $1.26 billion but posted an adjusted loss of $0.37 per share, missing consensus expectations by $0.63. Several institutional investors recently initiated positions in the stock.

LGN (NASDAQ:LGN - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on LGN. Tigress Financial upped their price target on shares of LGN from $85.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, May 19th. BMO Capital Markets lifted their price objective on LGN from $100.00 to $105.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Weiss Ratings raised LGN from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Friday. Bank of America increased their target price on LGN from $105.00 to $116.00 and gave the company a "buy" rating in a research note on Friday, August 14th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $115.00 target price on shares of LGN in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $99.08.

LGN Trading Down 9.1%

NASDAQ:LGN opened at $63.66 on Monday. LGN has a 12 month low of $26.96 and a 12 month high of $107.24. The firm has a market cap of $6.88 billion and a price-to-earnings ratio of 159.15. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.03. The company's 50 day moving average is $73.03 and its 200-day moving average is $68.75.

LGN (NASDAQ:LGN - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.63). LGN had a positive return on equity of 4.33% and a negative net margin of 1.20%.The firm had revenue of $1.26 billion during the quarter. Equities analysts anticipate that LGN will post 1.26 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Assetmark Inc. bought a new stake in shares of LGN in the fourth quarter valued at about $31,000. KBC Group NV bought a new position in LGN during the first quarter valued at about $66,000. Aster Capital Management DIFC Ltd acquired a new position in LGN in the 4th quarter valued at approximately $64,000. Kestra Advisory Services LLC acquired a new position in LGN in the 4th quarter valued at approximately $91,000. Finally, Avior Wealth Management LLC bought a new stake in shares of LGN in the 2nd quarter worth approximately $203,000.

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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