LGI Homes Inc. (NASDAQ:LGIH) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $39.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 10.76% from the company’s previous close.
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 analysts also recently weighed in on LGIH. JMP Securities reiterated a “buy” rating on shares of LGI Homes in a research report on Saturday, July 9th. Wells Fargo & Co. started coverage on LGI Homes in a research note on Wednesday, September 28th. They set an “outperform” rating on the stock. Six analysts have rated the stock with a buy rating, LGI Homes has an average rating of “Buy” and a consensus target price of $40.33.
LGI Homes (NASDAQ:LGIH) opened at 35.21 on Wednesday. The company has a market cap of $740.22 million, a PE ratio of 11.63 and a beta of -0.01. The firm’s 50-day moving average is $36.40 and its 200 day moving average is $31.10. LGI Homes has a 1-year low of $18.74 and a 1-year high of $40.47.
LGI Homes (NASDAQ:LGIH) last released its earnings results on Tuesday, August 9th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.09. LGI Homes had a return on equity of 24.52% and a net margin of 8.63%. The business earned $222.72 million during the quarter, compared to the consensus estimate of $219.52 million. During the same period last year, the company earned $0.66 earnings per share. The business’s revenue for the quarter was up 40.2% compared to the same quarter last year. Analysts predict that LGI Homes will post $3.39 earnings per share for the current fiscal year.
In other news, insider Eric Thomas Lipar sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $36.66, for a total transaction of $366,600.00. Following the transaction, the insider now owns 528,933 shares in the company, valued at $19,390,683.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 17.50% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Palisade Capital Management LLC NJ raised its position in LGI Homes by 41.5% in the first quarter. Palisade Capital Management LLC NJ now owns 116,880 shares of the company’s stock valued at $2,830,000 after buying an additional 34,300 shares during the period. Capital Growth Management LP raised its position in LGI Homes by 17.6% in the first quarter. Capital Growth Management LP now owns 835,000 shares of the company’s stock valued at $20,215,000 after buying an additional 125,000 shares during the period. Covalent Partners LLC raised its position in LGI Homes by 8.8% in the first quarter. Covalent Partners LLC now owns 446,803 shares of the company’s stock valued at $10,817,000 after buying an additional 35,992 shares during the period. Clark Capital Management Group Inc. raised its position in LGI Homes by 116.2% in the first quarter. Clark Capital Management Group Inc. now owns 47,228 shares of the company’s stock valued at $1,143,000 after buying an additional 25,388 shares during the period. Finally, Mitra Capital LLC bought a new position in LGI Homes during the first quarter valued at about $2,032,000. Hedge funds and other institutional investors own 66.98% of the company’s stock.
LGI Homes Company Profile
LGI Homes, Inc is a homebuilder. 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 has five segments: the Texas division, the Southwest division, the Southeast division, the Florida division and the Northwest division.
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