LGN (NASDAQ:LGN) Trading Down 8.8% – Here’s Why

Shares of LGN (NASDAQ:LGN) dropped 8.8% during mid-day trading on Tuesday . The company traded as low as $70.46 and last traded at $70.9380. 483,489 shares were traded during trading, a decline of 67% from the average daily volume of 1,482,882 shares. The stock had previously closed at $77.78.

Analyst Ratings Changes

LGN has been the topic of several research reports. Barclays boosted their target price on LGN from $60.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, June 22nd. Glj Research began coverage on shares of LGN in a research report on Tuesday, April 21st. They set a “buy” rating and a $99.00 price target on the stock. The Goldman Sachs Group increased their price objective on shares of LGN from $63.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Royal Bank Of Canada raised their target price on shares of LGN from $48.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Finally, Loop Capital started coverage on LGN in a research report on Wednesday, April 29th. They set a “buy” rating and a $96.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $88.40.

LGN Price Performance

The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.30 and a current ratio of 1.30. The company has a market capitalization of $8.04 billion and a price-to-earnings ratio of 324.02. The business has a 50-day moving average of $85.22.

LGN (NASDAQ:LGN) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.13 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. LGN’s revenue for the quarter was up 105.2% compared to the same quarter last year. On average, equities analysts expect that LGN will post 1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On LGN

A number of hedge funds have recently made changes to their positions in LGN. Assetmark Inc. bought a new stake in shares of LGN during the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd bought a new stake in shares of LGN during the fourth quarter worth about $64,000. KBC Group NV acquired a new position in shares of LGN in the first quarter valued at approximately $66,000. Kestra Advisory Services LLC acquired a new position in shares of LGN in the fourth quarter valued at approximately $91,000. Finally, Clearstead Advisors LLC bought a new position in LGN in the 4th quarter valued at approximately $140,000.

LGN Company 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.