LGN (NASDAQ:LGN) Reaches New 52-Week High Following Analyst Upgrade

LGN (NASDAQ:LGN) shares hit a new 52-week high on Monday after Glj Research upgraded the stock to a strong-buy rating. The company traded as high as $74.50 and last traded at $74.39, with a volume of 582515 shares trading hands. The stock had previously closed at $73.77.

Other analysts also recently issued reports about the company. BMO Capital Markets boosted their target price on LGN from $46.00 to $63.00 and gave the company an “outperform” rating in a report on Monday, March 30th. Royal Bank Of Canada raised their price target on LGN from $48.00 to $64.00 and gave the stock an “outperform” rating in a research note on Monday, March 30th. Zacks Research lowered LGN from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Tigress Financial boosted their price objective on LGN from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, BTIG Research increased their price objective on LGN from $45.00 to $75.00 and gave the company a “buy” rating in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, LGN currently has an average rating of “Moderate Buy” and an average target price of $70.11.

Institutional Investors Weigh In On LGN

Several hedge funds have recently made changes to their positions in LGN. Assetmark Inc. purchased a new position in shares of LGN during the fourth quarter worth about $31,000. Aster Capital Management DIFC Ltd purchased a new stake in LGN during the 4th quarter valued at approximately $64,000. Clearbridge Investments LLC lifted its position in LGN by 0.4% during the 4th quarter. Clearbridge Investments LLC now owns 401,667 shares of the company’s stock worth $17,288,000 after acquiring an additional 1,667 shares during the period. Symmetry Investments LP lifted its position in LGN by 21.9% during the 4th quarter. Symmetry Investments LP now owns 9,750 shares of the company’s stock worth $420,000 after acquiring an additional 1,750 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in shares of LGN in the 4th quarter valued at approximately $91,000.

LGN Trading Up 3.5%

The company has a market cap of $8.57 billion and a P/E ratio of -7,928.00. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.03. The firm’s 50 day moving average is $55.94.

LGN (NASDAQ:LGN) last released its quarterly earnings results on Friday, March 27th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.60). The firm had revenue of $737.64 million during the quarter, compared to analyst estimates of $616.05 million. LGN’s revenue was up 34.5% on a year-over-year basis. Research analysts expect that LGN will post 1.31 earnings per share for the current fiscal year.

About LGN

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.