Bank of New York Mellon Corp increased its position in LGI Homes Inc. (NASDAQ:LGIH) by 14.2% during the second quarter, Holdings Channel reports. The fund owned 74,912 shares of the company’s stock after buying an additional 9,329 shares during the period. Bank of New York Mellon Corp owned approximately 0.37% of LGI Homes worth $2,392,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in LGIH. Creative Planning boosted its stake in LGI Homes by 76.8% in the second quarter. Creative Planning now owns 5,480 shares of the company’s stock worth $175,000 after buying an additional 2,380 shares during the last quarter. Nordea Investment Management AB bought a new stake in LGI Homes during the second quarter worth $673,000. Albion Financial Group UT boosted its stake in LGI Homes by 10.0% in the second quarter. Albion Financial Group UT now owns 21,181 shares of the company’s stock worth $677,000 after buying an additional 1,929 shares during the last quarter. Cullen Frost Bankers Inc. bought a new stake in LGI Homes during the second quarter worth $1,177,000. Finally, Riggs Asset Managment Co. Inc. boosted its stake in LGI Homes by 9,723.5% in the second quarter. Riggs Asset Managment Co. Inc. now owns 39,294 shares of the company’s stock worth $1,255,000 after buying an additional 38,894 shares during the last quarter. 66.98% of the stock is currently owned by institutional investors.
Shares of LGI Homes Inc. (NASDAQ:LGIH) traded down 4.35% during trading on Tuesday, hitting $35.36. 315,035 shares of the stock were exchanged. The stock’s 50 day moving average price is $36.36 and its 200 day moving average price is $31.02. The stock has a market cap of $743.37 million, a PE ratio of 11.68 and a beta of -0.01. LGI Homes Inc. has a one year low of $18.74 and a one year high of $40.47.
LGI Homes (NASDAQ:LGIH) last issued its earnings results on Tuesday, August 9th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.09. LGI Homes had a return on equity of 24.52% and a net margin of 8.63%. The business earned $222.72 million during the quarter, compared to analysts’ expectations of $219.52 million. During the same quarter in the previous year, the business earned $0.66 EPS. The company’s revenue for the quarter was up 40.2% on a year-over-year basis. Equities research analysts predict that LGI Homes Inc. will post $3.39 EPS for the current year.
A number of research firms have weighed in on LGIH. JMP Securities reissued a “buy” rating on shares of LGI Homes in a report on Saturday, July 9th. Zacks Investment Research lowered shares of LGI Homes from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. Finally, Wells Fargo & Co. assumed coverage on shares of LGI Homes in a research report on Wednesday, September 28th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. LGI Homes presently has a consensus rating of “Buy” and a consensus price target of $36.33.
In other LGI Homes news, insider Eric Thomas Lipar sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $36.66, for a total value of $366,600.00. Following the completion of the transaction, the insider now owns 528,933 shares in the company, valued at approximately $19,390,683.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 17.50% of the stock is owned by company insiders.
LGI Homes Company Profile
LGI Homes, Inc is a homebuilder. The Company is engaged in the design, construction, marketing and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, South Carolina, North Carolina, Colorado, Washington and Tennessee. The Company has five segments: the Texas division, the Southwest division, the Southeast division, the Florida division and the Northwest division.
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