The Goldman Sachs Group Issues Positive Forecast for LGN (NASDAQ:LGN) Stock Price

LGN (NASDAQ:LGN) had its price objective upped by The Goldman Sachs Group from $52.00 to $63.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also issued research reports about the stock. Guggenheim boosted their price target on shares of LGN from $53.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, March 26th. Weiss Ratings started coverage on shares of LGN in a research note on Wednesday, January 14th. They issued a “sell (d+)” rating for the company. Tigress Financial reissued a “buy” rating and set a $60.00 target price on shares of LGN in a report on Friday. Stifel Nicolaus raised their target price on LGN from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, Zacks Research downgraded shares of LGN from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $62.00.

LGN Stock Performance

Shares of LGN opened at $53.89 on Monday. The company has a fifty day moving average price of $51.25. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.57 and a current ratio of 1.57. LGN has a 1 year low of $26.96 and a 1 year high of $60.50.

LGN (NASDAQ:LGN) last released its quarterly earnings data on Friday, March 27th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.60). The business had revenue of $737.64 million for the quarter, compared to analyst estimates of $616.05 million. The company’s quarterly revenue was up 34.5% compared to the same quarter last year.

Hedge Funds Weigh In On LGN

A number of large investors have recently added to or reduced their stakes in the business. Hiddenite Capital Partners LP bought a new stake in shares of LGN in the 4th quarter valued at about $6,569,000. Oppenheimer Asset Management Inc. purchased a new stake in LGN during the 4th quarter valued at about $297,000. Comerica Bank bought a new position in LGN during the 4th quarter worth approximately $192,000. Pictet Asset Management Holding SA bought a new position in LGN during the 4th quarter worth approximately $1,722,000. Finally, Vanguard Group Inc. increased its stake in LGN by 78.1% in the 4th quarter. Vanguard Group Inc. now owns 3,227,670 shares of the company’s stock worth $138,919,000 after purchasing an additional 1,415,282 shares during the period.

LGN News Roundup

Here are the key news stories impacting LGN this week:

• Positive Sentiment: Goldman Sachs raised its price target to $63 and reiterated a “buy” rating (roughly mid-teens upside vs. the current price). Read More. Read More.
• Positive Sentiment: Royal Bank of Canada boosted its target to $64 and set an “outperform” rating (high-teens upside). Read More.
• Positive Sentiment: BMO Capital Markets raised its target to $63 and maintained an “outperform” stance. Read More. Read More.
• Positive Sentiment: Tigress Financial reaffirmed a “buy” rating and a $60 target. Read More. Read More.
• Positive Sentiment: AmericanBankingNews published a more aggressive $75 price target and noted the stock gapped up after analyst upgrades, highlighting divergent analyst views and upside potential. Read More. Read More.

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.