LGN (NASDAQ:LGN) Trading Up 9.7% - Time to Buy?

Key Points

• LGN shares rose 9.7% to about $58.12 in Tuesday trading, although volume was 81% below the average session level.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of $99.50, despite some target-price reductions.
• The company reported quarterly EPS of negative $0.37, missing expectations by $0.63, while trading at a high 145.33 price-to-earnings ratio and below its 50- and 200-day moving averages.

LGN (NASDAQ:LGN - Get Free Report) traded up 9.7% on Tuesday . The company traded as high as $57.70 and last traded at $58.1150. 269,669 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,417,835 shares. The stock had previously closed at $52.97.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LGN. Barclays upped their target price on shares of LGN from $60.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Monday, June 22nd. BTIG Research restated a "buy" rating and issued a $100.00 price objective (down from $120.00) on shares of LGN in a research report on Friday, August 14th. Bank of America upped their price objective on LGN from $105.00 to $116.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Guggenheim reiterated a "buy" rating and issued a $115.00 price objective on shares of LGN in a research report on Tuesday, August 18th. Finally, Royal Bank Of Canada lowered 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. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, LGN has an average rating of "Moderate Buy" and an average price target of $99.50.

LGN Stock Performance

The stock has a 50 day moving average price of $65.20 and a two-hundred day moving average price of $69.43. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.03. The company has a market cap of $6.29 billion and a price-to-earnings ratio of 145.33.

LGN (NASDAQ:LGN - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.63). The company had revenue of $1.26 billion for the quarter. LGN had a positive return on equity of 4.33% and a negative net margin of 1.20%. Analysts predict that LGN will post 1.36 EPS for the current year.

Hedge Funds Weigh In On LGN

Several institutional investors have recently modified their holdings of LGN. Aster Capital Management DIFC Ltd acquired a new stake in shares of LGN in the 4th quarter valued at approximately $64,000. KBC Group NV acquired a new position in LGN during the first quarter valued at approximately $66,000. Kestra Advisory Services LLC acquired a new position in LGN during the fourth quarter valued at approximately $91,000. Nykredit A S bought a new stake in LGN in the second quarter valued at approximately $128,000. Finally, Clearstead Advisors LLC bought a new stake in LGN in the fourth quarter valued at approximately $140,000.

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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