Bank of America Corp DE Sells 33,299 Shares of LGI Homes, Inc. $LGIH

Key Points

• Bank of America cut its LGI Homes stake by 36.8% in the first quarter, selling 33,299 shares and retaining 57,265 shares valued at approximately $2.26 million. Institutional investors collectively own 84.89% of the company.
• Other major institutions increased their positions, including Altshuler Shaham, California State Teachers Retirement System, First Trust Advisors, Illinois Municipal Retirement Fund, and Principal Financial Group.
• LGI Homes shares opened at $53.74, while analysts maintain an average “Hold” rating and a $72.75 price target. The company recently exceeded quarterly expectations, reporting $1.16 in EPS and $516.05 million in revenue.

Bank of America Corp DE reduced its stake in LGI Homes, Inc. (NASDAQ:LGIH - Free Report) by 36.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 57,265 shares of the financial services provider's stock after selling 33,299 shares during the quarter. Bank of America Corp DE owned approximately 0.25% of LGI Homes worth $2,264,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Altshuler Shaham Ltd raised its holdings in LGI Homes by 5.4% during the first quarter. Altshuler Shaham Ltd now owns 1,087,263 shares of the financial services provider's stock valued at $42,980,000 after acquiring an additional 55,465 shares during the period. California State Teachers Retirement System increased its position in LGI Homes by 45.5% in the first quarter. California State Teachers Retirement System now owns 28,360 shares of the financial services provider's stock worth $1,121,000 after purchasing an additional 8,863 shares during the last quarter. First Trust Advisors LP raised its stake in LGI Homes by 27.7% during the first quarter. First Trust Advisors LP now owns 99,354 shares of the financial services provider's stock valued at $3,927,000 after purchasing an additional 21,523 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in LGI Homes by 10.4% during the first quarter. Illinois Municipal Retirement Fund now owns 13,177 shares of the financial services provider's stock valued at $521,000 after purchasing an additional 1,241 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in LGI Homes by 2.0% during the first quarter. Principal Financial Group Inc. now owns 98,722 shares of the financial services provider's stock valued at $3,902,000 after purchasing an additional 1,919 shares during the last quarter. 84.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LGIH. Wall Street Zen raised LGI Homes from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings cut LGI Homes from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 20th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $72.75.

LGI Homes Trading Down 3.9%

Shares of NASDAQ:LGIH opened at $53.74 on Wednesday. The business's 50-day moving average is $58.98 and its 200 day moving average is $50.80. The company has a debt-to-equity ratio of 0.74, a current ratio of 17.74 and a quick ratio of 0.61. LGI Homes, Inc. has a 1 year low of $33.55 and a 1 year high of $69.50. The firm has a market capitalization of $1.25 billion, a P/E ratio of 18.86 and a beta of 1.84.

LGI Homes (NASDAQ:LGIH - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.18. The company had revenue of $516.05 million during the quarter, compared to analysts' expectations of $489.23 million. LGI Homes had a return on equity of 3.55% and a net margin of 3.88%.The firm's revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.36 EPS.

LGI Homes Company Profile

LGI Homes, Inc NASDAQ: LGIH is a residential homebuilder primarily focused on serving first-time and first-time move-up homebuyers in the United States. The company specializes in the acquisition, development and sale of affordable single-family homes and townhomes. LGI Homes operates through an integrated model that encompasses land sourcing, lot development, home construction, and post-closing customer support including warranty services.

In addition to its core homebuilding activities, LGI Homes offers ancillary services to streamline the homebuying process for its customers.

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