Ergoteles LLC Invests $346,000 in LGI Homes, Inc. (NASDAQ:LGIH)

Posted by on Mar 4th, 2023

Ergoteles LLC purchased a new position in LGI Homes, Inc. (NASDAQ:LGIH – Get Rating) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,250 shares of the financial services provider’s stock, valued at approximately $346,000.

Other institutional investors and hedge funds have also modified their holdings of the company. MetLife Investment Management LLC grew its holdings in shares of LGI Homes by 8.5% in the 3rd quarter. MetLife Investment Management LLC now owns 11,441 shares of the financial services provider’s stock worth $931,000 after acquiring an additional 898 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of LGI Homes in the 2nd quarter worth approximately $302,000. Louisiana State Employees Retirement System acquired a new stake in shares of LGI Homes in the 3rd quarter worth approximately $797,000. State of New Jersey Common Pension Fund D grew its holdings in shares of LGI Homes by 12.2% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 23,485 shares of the financial services provider’s stock worth $2,041,000 after acquiring an additional 2,549 shares during the period. Finally, Platinum Investment Management Ltd. grew its holdings in shares of LGI Homes by 73.0% in the 2nd quarter. Platinum Investment Management Ltd. now owns 414,391 shares of the financial services provider’s stock worth $36,011,000 after acquiring an additional 174,846 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

LGI Homes Price Performance

Shares of NASDAQ:LGIH opened at $106.71 on Friday. The business’s fifty day moving average price is $107.34 and its two-hundred day moving average price is $97.05. The stock has a market cap of $2.49 billion, a PE ratio of 7.76 and a beta of 1.63. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.24 and a current ratio of 8.17. LGI Homes, Inc. has a one year low of $71.73 and a one year high of $130.14.

LGI Homes (NASDAQ:LGIH – Get Rating) last announced its earnings results on Tuesday, February 21st. The financial services provider reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.09. The firm had revenue of $488.26 million for the quarter, compared to analysts’ expectations of $530.69 million. LGI Homes had a return on equity of 21.12% and a net margin of 14.17%. LGI Homes’s quarterly revenue was down 39.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.53 EPS. On average, analysts forecast that LGI Homes, Inc. will post 7.66 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on LGIH. JMP Securities lowered their price target on LGI Homes from $140.00 to $130.00 and set a “market perform” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. lowered their price target on LGI Homes from $84.00 to $79.00 and set an “underweight” rating on the stock in a report on Thursday, February 23rd. Finally, BTIG Research cut LGI Homes from a “neutral” rating to a “sell” rating and set a $73.00 target price on the stock. in a report on Wednesday, February 22nd. Three analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat, LGI Homes presently has a consensus rating of “Hold” and an average target price of $91.20.

Insiders Place Their Bets

In other LGI Homes news, Director Steven Randal Smith sold 991 shares of the stock in a transaction on Thursday, December 22nd. The stock was sold at an average price of $95.27, for a total transaction of $94,412.57. Following the transaction, the director now owns 1,490 shares of the company’s stock, valued at approximately $141,952.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other LGI Homes news, Director Steven Randal Smith sold 991 shares of the stock in a transaction on Thursday, December 22nd. The stock was sold at an average price of $95.27, for a total transaction of $94,412.57. Following the transaction, the director now owns 1,490 shares of the company’s stock, valued at approximately $141,952.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Eric Thomas Lipar sold 38,373 shares of the stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $104.39, for a total value of $4,005,757.47. Following the transaction, the chief executive officer now directly owns 605,796 shares in the company, valued at approximately $63,239,044.44. The disclosure for this sale can be found here. Insiders have sold a total of 87,201 shares of company stock valued at $9,093,874 in the last quarter. 12.50% of the stock is currently owned by company insiders.

LGI Homes Profile

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LGI Homes, Inc engages in the design, construction, marketing, and sale of new homes. It focuses on residential land development business. It operates through the following segments: Central, West, Southeast, Florida,Midwest, Mid-Atlantic and Northwest. The company was founded by Eric Thomas Lipar in 2003 and is headquartered in The Woodlands, TX.

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Institutional Ownership by Quarter for LGI Homes (NASDAQ:LGIH)

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