Fifth Third Bancorp Takes $2.28 Million Position in LGN $LGN

Fifth Third Bancorp purchased a new stake in LGN (NASDAQ:LGN) during the first quarter, according to its most recent filing with the SEC. The fund purchased 40,421 shares of the company’s stock, valued at approximately $2,282,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Assetmark Inc. bought a new position in LGN during the fourth quarter valued at $31,000. Aster Capital Management DIFC Ltd purchased a new stake in LGN in the 4th quarter worth about $64,000. Kestra Advisory Services LLC purchased a new stake in LGN in the 4th quarter worth about $91,000. Clearstead Advisors LLC bought a new stake in LGN in the fourth quarter worth about $140,000. Finally, Comerica Bank bought a new stake in LGN in the fourth quarter worth about $192,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Glj Research began coverage on LGN in a report on Tuesday, April 21st. They set a “buy” rating and a $99.00 price objective for the company. Zacks Research lowered shares of LGN from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. BTIG Research boosted their target price on shares of LGN from $75.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Guggenheim lifted their price objective on shares of LGN from $106.00 to $115.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of LGN in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $93.10.

LGN Trading Up 6.5%

Shares of LGN stock opened at $72.55 on Wednesday. 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’s fifty day moving average price is $81.06. The stock has a market capitalization of $7.84 billion and a price-to-earnings ratio of 315.43. LGN has a 12 month low of $26.96 and a 12 month high of $107.24.

LGN (NASDAQ:LGN) last posted its 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 business had revenue of $1.04 billion for the quarter. The company’s revenue was up 105.2% compared to the same quarter last year. Analysts forecast that LGN will post 1.24 earnings per share for the current 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.