LGN $LGN Stock Purchased by Penn Capital Management Company LLC

Penn Capital Management Company LLC lifted its stake in LGN (NASDAQ:LGN) by 25.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 390,983 shares of the company’s stock after purchasing an additional 79,153 shares during the quarter. LGN comprises approximately 1.5% of Penn Capital Management Company LLC’s holdings, making the stock its 13th largest position. Penn Capital Management Company LLC’s holdings in LGN were worth $21,024,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in LGN. Allspring Global Investments Holdings LLC increased its position in LGN by 35.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 808,113 shares of the company’s stock valued at $41,755,000 after buying an additional 211,829 shares in the last quarter. Value Aligned Research Advisors LLC boosted its stake in LGN by 124.6% in the 2nd quarter. Value Aligned Research Advisors LLC now owns 692,150 shares of the company’s stock worth $58,992,000 after purchasing an additional 384,009 shares in the last quarter. Bank of America Corp DE grew its position in LGN by 161.4% during the 1st quarter. Bank of America Corp DE now owns 680,217 shares of the company’s stock valued at $38,405,000 after purchasing an additional 419,997 shares during the last quarter. Renaissance Technologies LLC grew its position in LGN by 87.6% during the 1st quarter. Renaissance Technologies LLC now owns 579,700 shares of the company’s stock valued at $32,730,000 after purchasing an additional 270,615 shares during the last quarter. Finally, Capelight Capital Asset Management LP grew its position in LGN by 6.4% during the 3rd quarter. Capelight Capital Asset Management LP now owns 175,500 shares of the company’s stock valued at $9,421,000 after purchasing an additional 10,500 shares during the last quarter.

LGN Price Performance

NASDAQ LGN opened at $32.16 on Tuesday. LGN has a fifty-two week low of $23.90 and a fifty-two week high of $107.24. The business’s fifty day moving average is $47.48 and its 200 day moving average is $62.52. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.03.

LGN (NASDAQ:LGN) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates 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. Research analysts forecast that LGN will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other LGN news, CAO Bris Philippe Le sold 4,196 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $54.06, for a total value of $226,835.76. Following the completion of the transaction, the chief accounting officer directly owned 6,148 shares in the company, valued at $332,360.88. This represents a 40.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on LGN. Barclays decreased their target price on shares of LGN from $80.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday, October 19th. Weiss Ratings downgraded LGN from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 30th. BMO Capital Markets increased their target price on LGN from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Zacks Research lowered LGN from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 16th. Finally, Guggenheim reaffirmed a “buy” rating and set a $90.00 price target on shares of LGN in a report on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, LGN presently has an average rating of “Moderate Buy” and a consensus price target of $96.67.

About LGN

Legence Corp. provides engineering, installation and maintenance services for building systems. Its work includes heating, ventilation and air conditioning, plumbing, electrical systems, process piping, building automation and energy solutions.

The company serves customers with complex building needs, including in the data center, healthcare, life sciences, commercial and industrial sectors. Its services span the building lifecycle, from design and construction to ongoing operations and maintenance.

Legence was formerly known as Southland Industries, a building systems contractor founded in 1949.