BlackRock Inc. Makes New Investment in LGI Homes, Inc. $LGIH

BlackRock Inc. bought a new position in shares of LGI Homes, Inc. (NASDAQ:LGIH) in the second quarter, Holdings Channel.com reports. The institutional investor bought 3,561,545 shares of the financial services provider’s stock, valued at approximately $226,799,000. BlackRock Inc. owned 0.15% of LGI Homes at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LGIH. Royal Bank of Canada grew its position in LGI Homes by 58.7% during the 1st quarter. Royal Bank of Canada now owns 4,721 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 1,746 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of LGI Homes by 5.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,502 shares of the financial services provider’s stock worth $831,000 after buying an additional 621 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in LGI Homes by 5.3% during the first quarter. Goldman Sachs Group Inc. now owns 250,142 shares of the financial services provider’s stock worth $16,627,000 after acquiring an additional 12,524 shares during the period. 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 worth $30,000 after acquiring an additional 305 shares during the period. Finally, Invesco Ltd. raised its position in LGI Homes by 19.0% during the second quarter. Invesco Ltd. now owns 85,400 shares of the financial services provider’s stock valued at $4,400,000 after acquiring an additional 13,611 shares in the last quarter. Institutional investors and hedge funds own 84.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Weiss Ratings lowered LGI Homes from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 20th. Wall Street Zen raised shares of LGI Homes from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of LGI Homes from $38.00 to $41.00 and gave the company an “underweight” rating in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, LGI Homes presently has a consensus rating of “Hold” and a consensus target price of $72.75.

LGI Homes Stock Down 2.1%

LGI Homes stock opened at $56.99 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 17.74 and a quick ratio of 0.61. The stock has a market capitalization of $1.33 billion, a PE ratio of 20.00 and a beta of 1.83. The business has a 50 day simple moving average of $58.99 and a 200-day simple moving average of $50.90. LGI Homes, Inc. has a 12 month low of $33.55 and a 12 month high of $69.50.

LGI Homes (NASDAQ:LGIH) last released its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.18. The firm had revenue of $516.05 million for the quarter, compared to analysts’ expectations of $489.23 million. LGI Homes had a net margin of 3.88% and a return on equity of 3.55%. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.36 EPS.

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.