Fifth Third Bancorp Buys Shares of 40,421 LGN $LGN

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

Several other hedge funds have also modified their holdings of LGN. Freestone Capital Holdings LLC purchased a new position in shares of LGN in the 4th quarter worth approximately $1,153,000. Pictet Asset Management Holding SA purchased a new stake in LGN during the fourth quarter valued at approximately $1,722,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in LGN in the fourth quarter valued at approximately $3,179,000. Capelight Capital Asset Management LP acquired a new stake in LGN in the fourth quarter valued at approximately $4,089,000. Finally, Harbor Capital Advisors Inc. purchased a new position in LGN in the fourth quarter worth $1,220,000.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LGN. Glj Research started coverage on 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 target on LGN from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Tigress Financial raised their price target on LGN from $85.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, May 19th. BTIG Research raised their price target on LGN from $75.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Finally, Guggenheim boosted their price target on LGN from $106.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. One 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 issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $93.10.

LGN Price Performance

Shares of LGN opened at $72.55 on Wednesday. The stock has a market capitalization of $7.84 billion and a price-to-earnings ratio of 315.43. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.06. LGN has a 1-year low of $26.96 and a 1-year high of $107.24. The firm’s fifty day moving average is $81.06.

LGN (NASDAQ:LGN) last issued its 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 company had revenue of $1.04 billion during the quarter. LGN’s revenue was up 105.2% on a year-over-year basis. As a group, research analysts anticipate that LGN will post 1.24 EPS for the current fiscal year.

LGN 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.