LGI Homes, Inc. (NASDAQ:LGIH) Hits New 12-Month High on Better-Than-Expected Earnings
LGI Homes, Inc. (NASDAQ:LGIH) shares reached a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $48.48 and last traded at $48.48, with a volume of 722,849 shares. The stock had previously closed at $47.84.
The financial services provider reported $1.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.12. The company had revenue of $324.20 million for the quarter, compared to the consensus estimate of $317.63 million. LGI Homes had a return on equity of 22.09% and a net margin of 8.95%. LGI Homes’s quarterly revenue was up 45.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 earnings per share.
Several brokerages have recently commented on LGIH. J P Morgan Chase & Co downgraded LGI Homes from an “overweight” rating to a “neutral” rating in a research report on Wednesday. BidaskClub upgraded LGI Homes from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Zacks Investment Research upgraded LGI Homes from a “hold” rating to a “strong-buy” rating and set a $49.00 price objective on the stock in a research report on Tuesday, July 18th. Wedbush restated a “neutral” rating and issued a $35.00 price objective on shares of LGI Homes in a research report on Tuesday, July 4th. Finally, ValuEngine downgraded LGI Homes from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 20th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $39.00.
In other news, CEO Eric Thomas Lipar sold 10,000 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $42.59, for a total value of $425,900.00. Following the transaction, the chief executive officer now directly owns 524,175 shares in the company, valued at $22,324,613.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.60% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. LSV Asset Management increased its position in shares of LGI Homes by 40.8% in the second quarter. LSV Asset Management now owns 146,903 shares of the financial services provider’s stock valued at $5,902,000 after buying an additional 42,600 shares during the last quarter. Campbell Newman Asset Management Inc. increased its position in shares of LGI Homes by 4.8% in the second quarter. Campbell Newman Asset Management Inc. now owns 10,745 shares of the financial services provider’s stock valued at $432,000 after buying an additional 495 shares during the last quarter. Swiss National Bank increased its position in shares of LGI Homes by 18.5% in the second quarter. Swiss National Bank now owns 30,081 shares of the financial services provider’s stock valued at $1,209,000 after buying an additional 4,700 shares during the last quarter. Heartland Advisors Inc. increased its position in shares of LGI Homes by 3.7% in the second quarter. Heartland Advisors Inc. now owns 727,800 shares of the financial services provider’s stock valued at $29,243,000 after buying an additional 25,800 shares during the last quarter. Finally, Scout Investments Inc. purchased a new stake in shares of LGI Homes during the second quarter valued at about $1,687,000. Institutional investors and hedge funds own 87.66% of the company’s stock.
The stock has a market cap of $994.85 million, a PE ratio of 13.83 and a beta of 0.07. The stock has a 50 day moving average of $41.70 and a 200 day moving average of $34.09.
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About LGI Homes
LGI Homes, Inc is a homebuilder and land developer. 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 operates through five segments: the Texas division, the Southwest division, the Southeast division, the Florida division and the Northwest division.
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