Bank of New York Mellon Corp Decreases Stake in LGI Homes, Inc. (NASDAQ:LGIH)

Bank of New York Mellon Corp decreased its holdings in shares of LGI Homes, Inc. (NASDAQ:LGIH) by 5.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 144,502 shares of the financial services provider’s stock after selling 8,609 shares during the quarter. Bank of New York Mellon Corp owned 0.62% of LGI Homes worth $9,605,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of LGIH. Sterling Capital Management LLC boosted its position in LGI Homes by 801.5% during the 4th quarter. Sterling Capital Management LLC now owns 613 shares of the financial services provider’s stock valued at $55,000 after acquiring an additional 545 shares in the last quarter. GAMMA Investing LLC raised its stake in LGI Homes by 219.1% in the 1st quarter. GAMMA Investing LLC now owns 887 shares of the financial services provider’s stock worth $59,000 after acquiring an additional 609 shares during the last quarter. NBC Securities Inc. grew its position in LGI Homes by 111,600.0% during the 1st quarter. NBC Securities Inc. now owns 2,234 shares of the financial services provider’s stock worth $148,000 after purchasing an additional 2,232 shares during the period. Summit Investment Advisors Inc. grew its position in LGI Homes by 6.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,185 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 141 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in LGI Homes by 10.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,210 shares of the financial services provider’s stock worth $198,000 after purchasing an additional 212 shares during the period. Institutional investors own 84.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LGIH. Wedbush reiterated a “neutral” rating and issued a $93.00 price objective on shares of LGI Homes in a report on Monday, July 7th. JMP Securities reaffirmed a “market outperform” rating and set a $140.00 price target on shares of LGI Homes in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. cut their target price on LGI Homes from $52.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 9th.

LGI Homes Stock Performance

NASDAQ:LGIH opened at $51.09 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 16.58 and a debt-to-equity ratio of 0.80. The company has a fifty day simple moving average of $52.42 and a two-hundred day simple moving average of $66.02. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 6.59 and a beta of 1.76. LGI Homes, Inc. has a 52 week low of $47.17 and a 52 week high of $125.83.

LGI Homes (NASDAQ:LGIH) last released its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.29). The company had revenue of $351.42 million during the quarter, compared to analyst estimates of $380.07 million. LGI Homes had a net margin of 8.46% and a return on equity of 9.49%. The business’s revenue was down 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. As a group, equities analysts anticipate that LGI Homes, Inc. will post 8.46 earnings per share for the current fiscal year.

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.