LGI Homes (NASDAQ:LGIH) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of LGI Homes (NASDAQ:LGIH) from a buy rating to a hold rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “LGI Homes, Inc. is engaged in the design and construction of entry-level homes across Texas, Arizona, Florida and Georgia. The company focuses on converting renters of apartments and single-family homes into homeowners by offering homes at affordable locations. LGI Homes, Inc. is headquartered in The Woodlands, Texas. “

Several other research analysts have also recently commented on LGIH. JMP Securities set a $79.00 price target on LGI Homes and gave the company a buy rating in a research report on Tuesday, April 9th. ValuEngine raised Valmont Industries from a sell rating to a hold rating in a research report on Friday, July 12th. BidaskClub cut Weyco Group from a sell rating to a strong sell rating in a research report on Saturday, July 13th. Finally, Wells Fargo & Co increased their price target on Wingstop from $76.00 to $84.00 and gave the company an outperform rating in a research report on Monday, May 6th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. LGI Homes has an average rating of Buy and an average price target of $71.10.

Shares of NASDAQ:LGIH traded down $0.24 during mid-day trading on Tuesday, reaching $71.61. 22,229 shares of the stock were exchanged, compared to its average volume of 204,368. The company has a current ratio of 16.86, a quick ratio of 1.35 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $1.64 billion, a P/E ratio of 11.28, a P/E/G ratio of 0.98 and a beta of 0.57. LGI Homes has a one year low of $37.16 and a one year high of $76.93. The business’s 50 day moving average price is $71.86.

LGI Homes (NASDAQ:LGIH) last posted its quarterly earnings data on Tuesday, May 7th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.13). LGI Homes had a return on equity of 23.28% and a net margin of 9.67%. The firm had revenue of $287.60 million for the quarter, compared to the consensus estimate of $288.06 million. During the same quarter in the previous year, the business posted $1.10 earnings per share. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. As a group, research analysts forecast that LGI Homes will post 6.69 EPS for the current fiscal year.

In other news, CEO Eric Thomas Lipar sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $70.91, for a total value of $709,100.00. Following the completion of the sale, the chief executive officer now directly owns 544,509 shares of the company’s stock, valued at $38,611,133.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven Randal Smith sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $74.49, for a total value of $186,225.00. Following the completion of the sale, the director now directly owns 12,407 shares of the company’s stock, valued at $924,197.43. The disclosure for this sale can be found here. Corporate insiders own 13.40% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Carillon Tower Advisers Inc. increased its stake in shares of LGI Homes by 7.9% during the first quarter. Carillon Tower Advisers Inc. now owns 62,155 shares of the financial services provider’s stock worth $3,744,000 after purchasing an additional 4,575 shares during the period. Pier Capital LLC bought a new position in LGI Homes during the 1st quarter worth $4,979,000. Gagnon Securities LLC bought a new position in LGI Homes during the 1st quarter worth $287,000. SG Americas Securities LLC bought a new position in LGI Homes during the 1st quarter worth $344,000. Finally, Bank of New York Mellon Corp increased its stake in LGI Homes by 7.1% during the 4th quarter. Bank of New York Mellon Corp now owns 259,531 shares of the financial services provider’s stock worth $11,735,000 after acquiring an additional 17,117 shares during the period. 94.44% of the stock is owned by institutional investors.

LGI Homes Company Profile

LGI Homes, Inc engages in the design, construction, and sale of new homes in Texas, Arizona, Florida, Georgia, New Mexico, North Carolina, South Carolina, Colorado, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, and Nevada. It offers entry-level homes, such as detached homes and townhomes, and move-up homes under the LGI Homes brand name; and luxury series homes under the Terrata Homes brand name.

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