LGN (NASDAQ:LGN) Stock Falls 7.1% – Here’s Why

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on LGN. Tigress Financial raised their price target on LGN from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Guggenheim reissued a “buy” rating and set a $115.00 target price on shares of LGN in a research note on Tuesday, August 18th. BTIG Research restated a “buy” rating and set a $100.00 target price (down from $120.00) on shares of LGN in a report on Friday, August 14th. Zacks Research raised LGN from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Finally, Bank of America boosted their price target on shares of LGN from $105.00 to $116.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $99.50.

LGN Stock Performance

The firm has a market capitalization of $5.71 billion and a price-to-earnings ratio of 132.19. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.35 and a quick ratio of 1.35. The firm has a 50 day moving average price of $57.57 and a 200-day moving average price of $69.62.

LGN (NASDAQ:LGN) last released its earnings results on Thursday, August 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate 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%. As a group, sell-side analysts expect that LGN will post 1.36 earnings per share for the current fiscal year.

Insider Activity at LGN

In related news, CAO Bris Philippe Le sold 4,196 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $54.06, for a total transaction of $226,835.76. Following the sale, the chief accounting officer directly owned 6,148 shares in the company, valued at approximately $332,360.88. This represents a 40.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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.

Institutional Investors Weigh In On LGN

A number of large investors have recently modified their holdings of LGN. Munro Partners grew its stake in shares of LGN by 1,875.9% during the fourth quarter. Munro Partners now owns 1,396,642 shares of the company’s stock worth $60,111,000 after purchasing an additional 1,325,957 shares in the last quarter. Norges Bank purchased a new stake in LGN during the 4th quarter worth about $30,343,000. Engle Capital Management L.P. acquired a new position in shares of LGN during the 4th quarter worth about $24,059,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of LGN by 285.7% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 675,000 shares of the company’s stock valued at $29,052,000 after acquiring an additional 500,000 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of LGN by 161.4% in the 1st quarter. Bank of America Corp DE now owns 680,217 shares of the company’s stock valued at $38,405,000 after acquiring an additional 419,997 shares during the last quarter.

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.