Hiddenite Capital Partners LP Purchases New Stake in LGN $LGN

Hiddenite Capital Partners LP acquired a new stake in shares of LGN (NASDAQ:LGN) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 175,000 shares of the company’s stock, valued at approximately $9,394,000. LGN makes up about 1.7% of Hiddenite Capital Partners LP’s holdings, making the stock its 21st biggest position.

A number of other institutional investors have also added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of LGN in the third quarter worth $3,950,000. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in shares of LGN by 105.0% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 20,700 shares of the company’s stock worth $1,111,000 after acquiring an additional 10,600 shares during the last quarter. Capelight Capital Asset Management LP grew its stake in LGN by 6.4% during the third quarter. Capelight Capital Asset Management LP now owns 175,500 shares of the company’s stock valued at $9,421,000 after acquiring an additional 10,500 shares in the last quarter. Reyes Financial Architecture Inc. purchased a new position in LGN during the third quarter valued at $45,000. Finally, Vontobel Holding Ltd. purchased a new position in LGN during the third quarter valued at $1,035,000.

LGN Stock Down 6.2%

NASDAQ LGN opened at $36.41 on Tuesday. The stock has a 50 day moving average price of $50.01 and a 200-day moving average price of $63.01. LGN has a one year low of $33.01 and a one year high of $107.24. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market capitalization of $3.94 billion and a P/E ratio of 91.02.

LGN (NASDAQ:LGN) last announced its quarterly 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). The business had revenue of $1.26 billion during the quarter. LGN had a positive return on equity of 4.33% and a negative net margin of 1.20%. As a group, equities analysts predict that LGN will post 1.36 EPS for the current fiscal year.

Insider Activity at LGN

In other LGN news, CAO Bris Philippe Le sold 4,196 shares of LGN stock in a transaction on Tuesday, September 15th. The shares were 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 of the company’s stock, valued at $332,360.88. This trade represents a 40.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.01% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Roth Capital reiterated a “buy” rating and issued a $120.00 price target on shares of LGN in a research note on Wednesday, August 12th. BMO Capital Markets raised their price objective on LGN from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Weiss Ratings lowered LGN from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. Guggenheim reaffirmed a “buy” rating and issued a $90.00 target price on shares of LGN in a report on Monday, October 26th. Finally, Royal Bank Of Canada decreased their target price on LGN from $101.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.67.

LGN Company Profile

Legence Corp. (NASDAQ: LGN) is an energy-transition solutions provider that helps commercial, industrial and institutional customers improve building performance, reduce energy use and advance decarbonization goals. The company combines technical expertise, project delivery and operational services to address the energy and sustainability needs of complex facilities and infrastructure.

Its services include engineering and design, energy-efficiency improvements, building systems and infrastructure work, renewable-energy and electrification projects, sustainability consulting, and ongoing operations and maintenance.