Municipal Employees Retirement System of Michigan Boosts Holdings in LGI Homes Inc (LGIH)
Municipal Employees Retirement System of Michigan raised its position in LGI Homes Inc (NASDAQ:LGIH) by 37.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,100 shares of the financial services provider’s stock after purchasing an additional 2,460 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in LGI Homes were worth $442,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of LGI Homes by 3.9% during the second quarter. BlackRock Inc. now owns 2,493,251 shares of the financial services provider’s stock worth $100,180,000 after acquiring an additional 92,633 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in shares of LGI Homes by 4.3% during the second quarter. Frontier Capital Management Co. LLC now owns 1,837,651 shares of the financial services provider’s stock worth $73,837,000 after acquiring an additional 75,115 shares during the last quarter. Vanguard Group Inc. raised its position in shares of LGI Homes by 3.4% during the second quarter. Vanguard Group Inc. now owns 878,551 shares of the financial services provider’s stock worth $35,299,000 after acquiring an additional 29,296 shares during the last quarter. Heartland Advisors Inc. raised its position in shares of LGI Homes by 3.7% during the second quarter. Heartland Advisors Inc. now owns 727,800 shares of the financial services provider’s stock worth $29,243,000 after acquiring an additional 25,800 shares during the last quarter. Finally, FMR LLC bought a new position in shares of LGI Homes during the second quarter worth about $21,233,000. Hedge funds and other institutional investors own 92.01% of the company’s stock.
Shares of LGI Homes Inc (NASDAQ:LGIH) opened at $67.15 on Thursday. LGI Homes Inc has a one year low of $26.82 and a one year high of $71.96. The company has a market capitalization of $1,452.96, a P/E ratio of 15.47, a P/E/G ratio of 1.34 and a beta of 0.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.86 and a current ratio of 8.91.
LGI Homes (NASDAQ:LGIH) last released its earnings results on Tuesday, November 7th. The financial services provider reported $1.40 EPS for the quarter, topping the consensus estimate of $1.30 by $0.10. LGI Homes had a return on equity of 25.51% and a net margin of 9.26%. The business had revenue of $365.90 million during the quarter, compared to analysts’ expectations of $355.81 million. During the same quarter last year, the firm posted $0.86 earnings per share. The firm’s revenue was up 69.2% on a year-over-year basis. analysts forecast that LGI Homes Inc will post 4.54 EPS for the current fiscal year.
In other LGI Homes news, insider Michael Larry Snider sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $45.81, for a total value of $160,335.00. Following the completion of the sale, the insider now owns 191,948 shares of the company’s stock, valued at $8,793,137.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bryan Christopher Sansbury sold 23,101 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $63.28, for a total value of $1,461,831.28. The disclosure for this sale can be found here. Insiders sold 71,601 shares of company stock valued at $4,233,916 in the last three months. Insiders own 13.60% of the company’s stock.
Several research firms recently commented on LGIH. Zacks Investment Research cut LGI Homes from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. TheStreet raised LGI Homes from a “c+” rating to a “b-” rating in a research note on Monday, November 13th. Wedbush reaffirmed a “neutral” rating and set a $60.00 target price (up previously from $55.00) on shares of LGI Homes in a research note on Wednesday, November 8th. JMP Securities raised their target price on LGI Homes from $62.00 to $68.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 8th. Finally, ValuEngine raised LGI Homes from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 30th. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. LGI Homes presently has a consensus rating of “Buy” and a consensus target price of $54.33.
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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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