Rhumbline Advisers Increases Stock Position in LGI Homes, Inc. (NASDAQ:LGIH)

Posted by on Sep 6th, 2023

Rhumbline Advisers boosted its stake in shares of LGI Homes, Inc. (NASDAQ:LGIH – Free Report) by 4.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,450 shares of the financial services provider’s stock after buying an additional 3,014 shares during the quarter. Rhumbline Advisers owned 0.29% of LGI Homes worth $7,691,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of LGIH. Bank of New York Mellon Corp boosted its stake in shares of LGI Homes by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 211,227 shares of the financial services provider’s stock valued at $20,633,000 after purchasing an additional 1,374 shares during the period. US Bancorp DE boosted its stake in shares of LGI Homes by 20.9% in the first quarter. US Bancorp DE now owns 1,181 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 204 shares during the period. MetLife Investment Management LLC boosted its stake in shares of LGI Homes by 53.3% in the first quarter. MetLife Investment Management LLC now owns 11,653 shares of the financial services provider’s stock valued at $1,138,000 after purchasing an additional 4,050 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of LGI Homes by 14.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,415 shares of the financial services provider’s stock valued at $1,799,000 after purchasing an additional 2,271 shares during the period. Finally, Great West Life Assurance Co. Can raised its holdings in LGI Homes by 0.8% in the first quarter. Great West Life Assurance Co. Can now owns 18,571 shares of the financial services provider’s stock valued at $1,859,000 after acquiring an additional 151 shares in the last quarter. Hedge funds and other institutional investors own 89.43% of the company’s stock.

LGI Homes Stock Down 6.9 %

LGIH stock opened at $116.98 on Wednesday. The company has a current ratio of 8.49, a quick ratio of 0.35 and a debt-to-equity ratio of 0.61. LGI Homes, Inc. has a twelve month low of $74.61 and a twelve month high of $141.91. The company’s 50 day moving average is $129.90 and its two-hundred day moving average is $120.30. The stock has a market cap of $2.75 billion, a P/E ratio of 13.46 and a beta of 1.76.

LGI Homes (NASDAQ:LGIH – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The financial services provider reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.35. The firm had revenue of $645.70 million during the quarter, compared to analysts’ expectations of $638.05 million. LGI Homes had a net margin of 9.44% and a return on equity of 12.30%. LGI Homes’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.20 EPS. Research analysts expect that LGI Homes, Inc. will post 8.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on LGIH. TheStreet raised shares of LGI Homes from a “c+” rating to a “b-” rating in a report on Friday, August 4th. Seaport Res Ptn reaffirmed a “buy” rating on shares of LGI Homes in a report on Wednesday, June 14th. JPMorgan Chase & Co. raised their target price on shares of LGI Homes from $90.00 to $105.00 and gave the company an “underweight” rating in a report on Monday, August 7th. JMP Securities raised their price objective on shares of LGI Homes from $150.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Finally, Wedbush raised their price objective on shares of LGI Homes from $89.00 to $97.00 and gave the stock a “neutral” rating in a report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, LGI Homes presently has an average rating of “Hold” and a consensus price target of $116.25.

Read Our Latest Research Report on LGI Homes

LGI Homes Company Profile

(Free Report)

LGI Homes, Inc designs, constructs, and sells homes. It offers entry-level homes, such as attached and detached homes, and active adult homes under the LGI Homes brand name; and luxury series homes under the Terrata Homes brand name. The company also engages in the wholesale business, which include building and selling homes to institutions looking to acquire single-family rental properties.

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

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