LGN’s (NASDAQ:LGN) Lock-Up Period To End on March 11th

LGN’s (NASDAQ:LGN) lock-up period is set to expire on Wednesday, March 11th. LGN had issued 26,000,000 shares in its initial public offering on September 12th. The total size of the offering was $728,000,000 based on an initial share price of $28.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the expiration of the lock-up period.

Analyst Ratings Changes

LGN has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their target price on shares of LGN from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. Weiss Ratings initiated coverage on shares of LGN in a research report on Wednesday, January 14th. They issued a “sell (d+)” rating for the company. Barclays upped their price objective on shares of LGN from $37.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, January 23rd. Stifel Nicolaus raised their price objective on LGN from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Zacks Research upgraded LGN from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.75.

LGN Trading Down 6.8%

LGN stock opened at $50.41 on Friday. LGN has a twelve month low of $26.96 and a twelve month high of $58.10. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.98.

Institutional Investors Weigh In On LGN

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Assetmark Inc. purchased a new position in LGN during the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of LGN in the fourth quarter valued at $64,000. Clearbridge Investments LLC lifted its position in shares of LGN by 0.4% in the fourth quarter. Clearbridge Investments LLC now owns 401,667 shares of the company’s stock valued at $17,288,000 after acquiring an additional 1,667 shares in the last quarter. Symmetry Investments LP boosted its stake in shares of LGN by 21.9% during the fourth quarter. Symmetry Investments LP now owns 9,750 shares of the company’s stock valued at $420,000 after acquiring an additional 1,750 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of LGN during the fourth quarter valued at $91,000.

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.