Bank of New York Mellon Corp Takes $7.62 Million Position in LGI Homes, Inc. $LGIH

Key Points

• Bank of New York Mellon acquired 119,745 LGI Homes shares worth approximately $7.62 million, representing a 0.52% stake. Institutional investors collectively own 84.89% of the company.
• LGI Homes exceeded quarterly expectations, reporting EPS of $1.16 versus the $0.98 consensus and revenue of $516.05 million, up 6.7% year over year.
• Analyst sentiment remains mixed, with two Buy, two Hold, and two Sell ratings; the stock has a consensus Hold rating and an average price target of $72.75, compared with a recent price of $54.47.

Bank of New York Mellon Corp bought a new position in LGI Homes, Inc. (NASDAQ:LGIH - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 119,745 shares of the financial services provider's stock, valued at approximately $7,625,000. Bank of New York Mellon Corp owned 0.52% of LGI Homes as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of LGIH. Caitong International Asset Management Co. Ltd boosted its stake in shares of LGI Homes by 75.5% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 551 shares of the financial services provider's stock worth $28,000 after purchasing an additional 237 shares during the period. GAMMA Investing LLC boosted its position in shares of LGI Homes by 14.7% during the second quarter. GAMMA Investing LLC now owns 2,093 shares of the financial services provider's stock valued at $133,000 after buying an additional 269 shares during the period. Russell Investments Group Ltd. boosted its position in shares of LGI Homes by 106.6% during the second quarter. Russell Investments Group Ltd. now owns 591 shares of the financial services provider's stock valued at $30,000 after buying an additional 305 shares during the period. Pinnacle Holdings LLC grew its stake in shares of LGI Homes by 3.7% during the fourth quarter. Pinnacle Holdings LLC now owns 11,174 shares of the financial services provider's stock valued at $480,000 after buying an additional 396 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of LGI Homes by 1.5% during the 3rd quarter. Swiss National Bank now owns 40,781 shares of the financial services provider's stock worth $2,109,000 after acquiring an additional 600 shares during the last quarter. Institutional investors own 84.89% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on LGIH shares. Wall Street Zen raised LGI Homes from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings downgraded LGI Homes from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $72.75.

LGI Homes Trading Up 1.9%

Shares of NASDAQ LGIH opened at $54.47 on Friday. The company has a quick ratio of 0.61, a current ratio of 17.74 and a debt-to-equity ratio of 0.74. The business has a fifty day simple moving average of $58.66 and a two-hundred day simple moving average of $50.72. The firm has a market cap of $1.27 billion, a PE ratio of 19.11 and a beta of 1.84. LGI Homes, Inc. has a twelve month low of $33.55 and a twelve month high of $69.50.

LGI Homes (NASDAQ:LGIH - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $0.98 by $0.18. The firm had revenue of $516.05 million for the quarter, compared to analyst estimates of $489.23 million. LGI Homes had a return on equity of 3.55% and a net margin of 3.88%.The business's revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.36 earnings per share.

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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