LGI Homes (NASDAQ:LGIH) Shares Gap Down to $87.57

Shares of LGI Homes, Inc. (NASDAQ:LGIHGet Rating) gapped down prior to trading on Tuesday . The stock had previously closed at $87.57, but opened at $85.18. LGI Homes shares last traded at $86.04, with a volume of 60 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on LGIH. JMP Securities reduced their price target on LGI Homes from $175.00 to $140.00 and set a “market outperform” rating on the stock in a research note on Wednesday, August 3rd. StockNews.com lowered LGI Homes from a “hold” rating to a “sell” rating in a research note on Thursday, August 11th. Wells Fargo & Company reduced their price target on LGI Homes from $108.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Friday, June 17th. Finally, JPMorgan Chase & Co. reduced their price target on LGI Homes from $85.00 to $77.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, LGI Homes currently has an average rating of “Hold” and a consensus target price of $101.25.

LGI Homes Stock Down 0.7 %

The firm has a 50 day moving average price of $100.12 and a two-hundred day moving average price of $98.50. The company has a quick ratio of 0.68, a current ratio of 13.59 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 4.98 and a beta of 1.60.

LGI Homes (NASDAQ:LGIHGet Rating) last announced its earnings results on Tuesday, August 2nd. The financial services provider reported $5.20 earnings per share for the quarter, beating the consensus estimate of $4.47 by $0.73. The company had revenue of $723.07 million during the quarter, compared to the consensus estimate of $715.65 million. LGI Homes had a return on equity of 29.21% and a net margin of 14.67%. The company’s revenue was down 8.6% on a year-over-year basis. During the same period last year, the firm earned $4.71 earnings per share. As a group, sell-side analysts expect that LGI Homes, Inc. will post 17.23 earnings per share for the current year.

Hedge Funds Weigh In On LGI Homes

Several large investors have recently modified their holdings of LGIH. Teacher Retirement System of Texas lifted its position in shares of LGI Homes by 18.2% during the fourth quarter. Teacher Retirement System of Texas now owns 4,282 shares of the financial services provider’s stock worth $661,000 after purchasing an additional 660 shares during the last quarter. Pictet Asset Management SA bought a new position in shares of LGI Homes during the fourth quarter worth about $216,000. Qube Research & Technologies Ltd bought a new position in shares of LGI Homes during the fourth quarter worth about $485,000. JPMorgan Chase & Co. lifted its position in shares of LGI Homes by 114.4% during the fourth quarter. JPMorgan Chase & Co. now owns 40,461 shares of the financial services provider’s stock worth $6,251,000 after purchasing an additional 21,591 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in LGI Homes by 77.3% in the fourth quarter. Allianz Asset Management GmbH now owns 30,165 shares of the financial services provider’s stock worth $4,660,000 after acquiring an additional 13,154 shares during the last quarter. Institutional investors own 90.47% of the company’s stock.

About LGI Homes

(Get Rating)

LGI Homes, Inc designs, constructs, and sells homes. It offers entry-level homes, such as attached and detached homes, and active adult homes under the LGI Homes brand name; and luxury series homes under the Terrata Homes brand name. The company also engages in the wholesale business, which include building and selling homes to companies looking to acquire single-family rental properties.

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