LGN's (LGN) Buy Rating Reaffirmed at Roth Capital

Key Points

• Roth Capital reaffirmed its “buy” rating on LGN and set a $120 price target, implying approximately 72.44% upside from the prior close.
• Analyst sentiment remains favorable, with LGN carrying a “Moderate Buy” consensus rating and an average price target of $98.91.
• LGN shares traded at $69.59, while the company’s latest quarterly earnings of $0.13 per share fell short of the $0.19 consensus estimate; revenue nevertheless rose 105.2% year over year to $1.04 billion.

LGN (NASDAQ:LGN - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Roth Capital in a note issued to investors on Wednesday,Benzinga reports. They presently have a $120.00 price objective on the stock. Roth Capital's price target indicates a potential upside of 72.44% from the company's previous close.

LGN has been the subject of a number of other reports. Royal Bank Of Canada decreased their target price on LGN from $106.00 to $101.00 and set an "outperform" rating for the company in a research note on Wednesday, July 22nd. Tigress Financial increased their target price on LGN from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Tuesday, May 19th. Barclays boosted their price target on shares of LGN from $60.00 to $80.00 and gave the company an "equal weight" rating in a report on Monday, June 22nd. BMO Capital Markets increased their price objective on shares of LGN from $63.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, May 15th. 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 target price for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, LGN currently has an average rating of "Moderate Buy" and an average price target of $98.91.

LGN Stock Performance

NASDAQ:LGN traded up $4.62 during trading hours on Wednesday, reaching $69.59. 775,552 shares of the stock were exchanged, compared to its average volume of 1,466,037. The stock has a market capitalization of $7.52 billion and a P/E ratio of 302.57. The firm has a 50 day simple moving average of $75.02 and a 200-day simple moving average of $68.18. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.06. LGN has a 52 week low of $26.96 and a 52 week high of $107.24.

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

Hedge Funds Weigh In On LGN

Several institutional investors have recently added to or reduced their stakes in the company. Assetmark Inc. bought a new position in shares of LGN in the fourth quarter valued at approximately $31,000. Freestone Capital Holdings LLC bought a new stake in LGN during the 4th quarter worth approximately $1,153,000. Capelight Capital Asset Management LP acquired a new stake in LGN during the 4th quarter valued at $4,089,000. LBP AM SA acquired a new stake in LGN during the 4th quarter valued at $2,887,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in LGN in the 4th quarter valued at $3,179,000.

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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