Norges Bank Takes $30.34 Million Position in LGN $LGN

Norges Bank purchased a new stake in shares of LGN (NASDAQ:LGN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 705,000 shares of the company’s stock, valued at approximately $30,343,000.

Several other hedge funds also recently modified their holdings of LGN. Harbor Capital Advisors Inc. acquired a new position in shares of LGN during the 4th quarter valued at $1,220,000. Assetmark Inc. acquired a new position in shares of LGN during the 4th quarter valued at $31,000. Freestone Capital Holdings LLC acquired a new position in shares of LGN during the 4th quarter valued at $1,153,000. Capelight Capital Asset Management LP acquired a new position in shares of LGN during the 4th quarter valued at $4,089,000. Finally, LBP AM SA acquired a new position in shares of LGN in the 4th quarter worth $2,887,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Tigress Financial lifted their target price on LGN from $85.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, May 19th. BMO Capital Markets lifted their target price on LGN from $63.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. The Goldman Sachs Group lifted their target price on LGN from $63.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Barclays lifted their target price on LGN from $45.00 to $60.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. Finally, Royal Bank Of Canada lifted their target price on LGN from $48.00 to $64.00 and gave the stock an “outperform” rating in a report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $86.40.

LGN Trading Up 0.6%

LGN opened at $85.58 on Wednesday. The firm has a market capitalization of $9.25 billion and a PE ratio of 372.09. LGN has a 1 year low of $26.96 and a 1 year high of $107.24. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.06. The company’s fifty day moving average price is $78.98.

LGN (NASDAQ:LGN) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The company had revenue of $1.04 billion during the quarter. The company’s revenue for the quarter was up 105.2% compared to the same quarter last year. As a group, sell-side analysts forecast that LGN will post 1.24 earnings per share for the current fiscal year.

LGN 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.