BlackRock Inc. Invests $226.80 Million in LGI Homes, Inc. $LGIH

Key Points

• BlackRock acquired a new 3.56 million-share stake in LGI Homes during the second quarter, valued at approximately $226.8 million and representing about 15.32% of the company. Institutional investors collectively own 84.89% of LGIH.
• LGI Homes reported quarterly earnings of $1.16 per share, beating estimates of $0.98, while revenue rose 6.7% year over year to $516.05 million.
• LGIH shares opened at $56.99, down 2.1%, while analysts maintain a consensus “Hold” rating with an average price target of $72.75.

BlackRock Inc. bought a new stake in shares of LGI Homes, Inc. (NASDAQ:LGIH - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,561,545 shares of the financial services provider's stock, valued at approximately $226,799,000. BlackRock Inc. owned approximately 15.32% of LGI Homes as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Wasatch Advisors LP increased its holdings in shares of LGI Homes by 3.4% in the second quarter. Wasatch Advisors LP now owns 1,467,855 shares of the financial services provider's stock worth $75,624,000 after purchasing an additional 48,795 shares during the last quarter. Altshuler Shaham Ltd increased its position in LGI Homes by 5.4% in the first quarter. Altshuler Shaham Ltd now owns 1,087,263 shares of the financial services provider's stock worth $42,980,000 after purchasing an additional 55,465 shares during the last quarter. River Road Asset Management LLC increased its holdings in shares of LGI Homes by 2.0% in the 4th quarter. River Road Asset Management LLC now owns 931,391 shares of the financial services provider's stock worth $40,013,000 after buying an additional 18,682 shares during the last quarter. CDAM UK Ltd raised its position in shares of LGI Homes by 15.4% during the 4th quarter. CDAM UK Ltd now owns 743,153 shares of the financial services provider's stock valued at $31,926,000 after buying an additional 99,090 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in LGI Homes by 6.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 458,601 shares of the financial services provider's stock worth $19,701,000 after acquiring an additional 29,542 shares during the last quarter. 84.89% of the stock is currently owned by institutional investors.

LGI Homes Trading Down 2.1%

NASDAQ:LGIH opened at $56.99 on Friday. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 20.00 and a beta of 1.83. LGI Homes, Inc. has a 52 week low of $33.55 and a 52 week high of $69.50. 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 firm has a 50 day moving average of $58.99 and a 200 day moving average of $50.90.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on LGIH shares. Weiss Ratings cut shares of LGI Homes from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, August 20th. Wall Street Zen upgraded shares of LGI Homes from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. Finally, JPMorgan Chase & Co. upped their target price on LGI Homes from $38.00 to $41.00 and gave the stock an "underweight" rating in a report on Thursday, April 30th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $72.75.

LGI Homes 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source