Comerica Bank Purchases 8,593 Shares of LGI Homes, Inc. $LGIH

Key Points

• Comerica Bank increased its stake in LGI Homes by 56.4% during Q1, holding shares worth approximately $1.58 million.
• LGI Homes reported $1.36 EPS for the last quarter, surpassing analysts' expectations; however, its revenue declined by 19.8% year-over-year.
• Institutional investors collectively own 84.89% of LGI Homes, indicating strong institutional interest in the company.

Comerica Bank lifted its holdings in shares of LGI Homes, Inc. (NASDAQ:LGIH - Free Report) by 56.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,820 shares of the financial services provider's stock after acquiring an additional 8,593 shares during the quarter. Comerica Bank owned approximately 0.10% of LGI Homes worth $1,583,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its stake in shares of LGI Homes by 12,620.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 636 shares of the financial services provider's stock worth $42,000 after acquiring an additional 631 shares during the last quarter. GAMMA Investing LLC lifted its holdings in LGI Homes by 219.1% in the first quarter. GAMMA Investing LLC now owns 887 shares of the financial services provider's stock valued at $59,000 after acquiring an additional 609 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in LGI Homes in the first quarter valued at about $71,000. CWM LLC lifted its holdings in LGI Homes by 50.3% in the first quarter. CWM LLC now owns 1,178 shares of the financial services provider's stock valued at $78,000 after acquiring an additional 394 shares during the period. Finally, NBC Securities Inc. lifted its holdings in LGI Homes by 111,600.0% in the first quarter. NBC Securities Inc. now owns 2,234 shares of the financial services provider's stock valued at $148,000 after acquiring an additional 2,232 shares during the period. 84.89% of the stock is owned by hedge funds and other institutional investors.

LGI Homes Price Performance

Shares of NASDAQ:LGIH traded down $1.93 during trading on Tuesday, hitting $64.54. 98,533 shares of the company's stock were exchanged, compared to its average volume of 334,742. The company has a debt-to-equity ratio of 0.85, a current ratio of 18.18 and a quick ratio of 0.64. LGI Homes, Inc. has a 52-week low of $47.17 and a 52-week high of $125.83. The business's 50-day simple moving average is $58.83 and its 200 day simple moving average is $59.36. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 9.76 and a beta of 1.75.

LGI Homes (NASDAQ:LGIH - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.15. The business had revenue of $483.49 million during the quarter, compared to analysts' expectations of $546.96 million. LGI Homes had a return on equity of 8.00% and a net margin of 7.63%.The firm's revenue for the quarter was down 19.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.48 EPS. As a group, equities analysts predict that LGI Homes, Inc. will post 8.46 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LGIH. JMP Securities increased their target price on LGI Homes from $75.00 to $85.00 and gave the company a "market outperform" rating in a report on Wednesday, August 27th. JPMorgan Chase & Co. lowered their target price on LGI Homes from $52.00 to $47.00 and set an "underweight" rating on the stock in a report on Wednesday, July 9th. Wedbush reaffirmed a "neutral" rating and issued a $95.00 price objective on shares of LGI Homes in a research note on Friday. Finally, Citigroup reaffirmed a "market outperform" rating on shares of LGI Homes in a research note on Wednesday, August 27th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, LGI Homes has a consensus rating of "Hold" and an average target price of $75.67.

LGI Homes Profile

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.