LGN (NASDAQ:LGN) Shares Down 7.1% – What’s Next?

LGN (NASDAQ:LGN) dropped 7.1% during mid-day trading on Wednesday. The company traded as low as $52.33 and last traded at $52.32. 104,581 shares were traded during mid-day trading, a decline of 92% from the average session volume of 1,370,234 shares. The stock had previously closed at $56.34.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LGN. Guggenheim reiterated a “buy” rating and issued a $115.00 target price on shares of LGN in a report on Tuesday, August 18th. Roth Capital restated a “buy” rating and set a $120.00 price target on shares of LGN in a research note on Wednesday, August 12th. BMO Capital Markets lifted their price objective on shares of LGN from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Royal Bank Of Canada lowered their target price on shares of LGN from $106.00 to $101.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 22nd. Finally, Bank of America lifted their target price on shares of LGN from $105.00 to $116.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.33.

LGN Trading Down 3.4%

The firm has a market capitalization of $5.57 billion and a P/E ratio of 128.87. The business has a 50-day moving average price of $57.41 and a 200-day moving average price of $69.65. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.03.

LGN (NASDAQ:LGN) last issued its earnings results on Thursday, August 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.63). LGN had a negative net margin of 1.20% and a positive return on equity of 4.33%. The business had revenue of $1.26 billion for the quarter. Analysts anticipate that LGN will post 1.36 earnings per share for the current year.

Insider Buying and Selling at LGN

In other news, CAO Bris Philippe Le sold 1,058 shares of LGN stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $55.01, for a total value of $58,200.58. Following the completion of the transaction, the chief accounting officer owned 4,749 shares in the company, valued at approximately $261,242.49. The trade was a 18.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.01% of the company’s stock.

Institutional Investors Weigh In On LGN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KBC Group NV bought a new position in LGN during the first quarter worth about $66,000. Nykredit A S bought a new position in shares of LGN in the 2nd quarter valued at $128,000. Clearbridge Investments LLC lifted its holdings in shares of 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 purchasing an additional 1,667 shares during the period. Avior Wealth Management LLC bought a new position in LGN during the 2nd quarter worth approximately $203,000. Finally, Concurrent Investment Advisors LLC bought a new stake in LGN in the second quarter worth approximately $237,000.

About LGN

Legence Corp. (NASDAQ: LGN) is an energy-transition and building-solutions company that helps commercial, industrial and institutional customers improve the performance, efficiency and sustainability of their facilities and infrastructure. Its work is focused on reducing energy consumption and emissions while supporting the development, modernization and operation of complex buildings and facilities.

The company provides services that may include engineering, design, construction, building automation and controls, heating, ventilation and air-conditioning systems, electrical services, energy management, renewable-energy solutions, maintenance and facility optimization.