Allspring Global Investments Holdings LLC Boosts Holdings in LGN $LGN

Allspring Global Investments Holdings LLC raised its holdings in shares of LGN (NASDAQ:LGN) by 65.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 176,251 shares of the company’s stock after purchasing an additional 69,914 shares during the period. Allspring Global Investments Holdings LLC’s holdings in LGN were worth $9,951,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new stake in LGN in the fourth quarter worth about $1,220,000. Assetmark Inc. purchased a new position in shares of LGN in the 4th quarter valued at approximately $31,000. Freestone Capital Holdings LLC purchased a new position in shares of LGN in the 4th quarter valued at approximately $1,153,000. Capelight Capital Asset Management LP acquired a new stake in LGN in the 4th quarter worth approximately $4,089,000. Finally, LBP AM SA acquired a new stake in LGN in the 4th quarter worth approximately $2,887,000.

Analyst Ratings Changes

LGN has been the topic of a number of research analyst reports. Stifel Nicolaus boosted their price objective on shares of LGN from $58.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, March 31st. BMO Capital Markets lifted their price target on LGN from $63.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Tigress Financial boosted their price target on LGN from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, May 19th. Royal Bank Of Canada cut their price objective on LGN from $106.00 to $101.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Loop Capital started coverage on shares of LGN in a research note on Wednesday, April 29th. They set a “buy” rating and a $96.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, LGN presently has an average rating of “Moderate Buy” and a consensus target price of $96.80.

LGN Stock Up 0.4%

Shares of LGN stock opened at $72.87 on Thursday. The stock has a market cap of $7.87 billion and a price-to-earnings ratio of 316.83. LGN has a twelve month low of $26.96 and a twelve month high of $107.24. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.06. The company has a 50-day simple moving average of $80.52.

LGN (NASDAQ:LGN) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The business had revenue of $1.04 billion during the quarter. The company’s revenue was up 105.2% on a year-over-year basis. On average, sell-side analysts expect that LGN will post 1.24 EPS 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.