LGI Homes, Inc. (NASDAQ:LGIH – Get Free Report) shares rose 10.2% on Wednesday . The stock traded as high as $62.60 and last traded at $61.7960. Approximately 66,846 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 445,206 shares. The stock had previously closed at $56.06.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of LGI Homes in a report on Friday, May 22nd. JPMorgan Chase & Co. upped their price target on LGI Homes from $38.00 to $41.00 and gave the company an “underweight” rating in a research report on Thursday, April 30th. Wall Street Zen upgraded LGI Homes from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, Zacks Research raised shares of LGI Homes from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $72.75.
Read Our Latest Stock Report on LGIH
LGI Homes Stock Performance
LGI Homes (NASDAQ:LGIH – Get Free Report) last issued its earnings results on Tuesday, April 28th. The financial services provider reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.22. The firm had revenue of $319.74 million during the quarter, compared to analysts’ expectations of $328.22 million. LGI Homes had a net margin of 4.22% and a return on equity of 3.80%. The firm’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same period last year, the firm posted $0.17 earnings per share. As a group, equities research analysts expect that LGI Homes, Inc. will post 2.76 EPS for the current year.
Institutional Trading of LGI Homes
Several hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its holdings in LGI Homes by 75.5% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 551 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 237 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in LGI Homes by 106.6% during the second quarter. Russell Investments Group Ltd. now owns 591 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 305 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of LGI Homes in the fourth quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new position in shares of LGI Homes in the fourth quarter valued at approximately $32,000. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of LGI Homes by 1,759.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 874 shares of the financial services provider’s stock worth $38,000 after buying an additional 827 shares during the last quarter. 84.89% of the stock is currently owned by hedge funds and other institutional investors.
LGI Homes Company Profile
LGI Homes, Inc (NASDAQ: LGIH) is a residential homebuilder primarily focused on serving first-time and first-time move-up homebuyers in the United States. The company specializes in the acquisition, development and sale of affordable single-family homes and townhomes. LGI Homes operates through an integrated model that encompasses land sourcing, lot development, home construction, and post-closing customer support including warranty services.
In addition to its core homebuilding activities, LGI Homes offers ancillary services to streamline the homebuying process for its customers.
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