Bank of America Corp DE Sells 37,573 Shares of LGI Homes, Inc. (NASDAQ:LGIH)

Bank of America Corp DE cut its stake in LGI Homes, Inc. (NASDAQ:LGIH) by 62.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,428 shares of the financial services provider’s stock after selling 37,573 shares during the quarter. Bank of America Corp DE owned approximately 0.10% of LGI Homes worth $2,005,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of LGIH. Blue Trust Inc. raised its position in shares of LGI Homes by 112.9% in the fourth quarter. Blue Trust Inc. now owns 347 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 184 shares during the period. KBC Group NV increased its position in LGI Homes by 51.6% during the fourth quarter. KBC Group NV now owns 1,110 shares of the financial services provider’s stock worth $99,000 after acquiring an additional 378 shares during the period. Rhumbline Advisers increased its position in LGI Homes by 3.9% during the fourth quarter. Rhumbline Advisers now owns 64,833 shares of the financial services provider’s stock worth $5,796,000 after acquiring an additional 2,460 shares during the period. State of New Jersey Common Pension Fund D increased its position in LGI Homes by 16.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 20,751 shares of the financial services provider’s stock worth $1,855,000 after acquiring an additional 2,923 shares during the period. Finally, Principal Financial Group Inc. increased its position in LGI Homes by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 100,409 shares of the financial services provider’s stock worth $8,977,000 after acquiring an additional 2,878 shares during the period. 84.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, JMP Securities reiterated a “market outperform” rating and set a $140.00 price objective on shares of LGI Homes in a research note on Wednesday, April 30th.

LGI Homes Trading Down 3.1%

LGIH opened at $48.55 on Tuesday. The company’s 50 day moving average is $57.24 and its 200-day moving average is $77.53. LGI Homes, Inc. has a 1-year low of $47.79 and a 1-year high of $125.83. The company has a current ratio of 12.72, a quick ratio of 0.54 and a debt-to-equity ratio of 0.77. The company has a market cap of $1.14 billion, a P/E ratio of 5.82 and a beta of 1.93.

LGI Homes (NASDAQ:LGIH) last posted its earnings results on Tuesday, April 29th. The financial services provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.29). LGI Homes had a return on equity of 10.32% and a net margin of 8.75%. The business had revenue of $351.42 million for the quarter, compared to analyst estimates of $380.07 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. The firm’s quarterly revenue was down 10.1% on a year-over-year basis. Equities research analysts predict that LGI Homes, Inc. will post 8.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other LGI Homes news, COO Michael Larry Snider sold 1,105 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $75.94, for a total transaction of $83,913.70. Following the completion of the transaction, the chief operating officer now owns 27,102 shares in the company, valued at approximately $2,058,125.88. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 12.30% of the company’s stock.

About LGI Homes

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 large institutions looking to acquire single-family rental properties.