Montgomery Investment Management Inc. Lowers Stock Holdings in LGI Homes, Inc. $LGIH

Key Points

• Montgomery Investment Management Inc. reduced its stake in LGI Homes by 24.9% during the second quarter, owning 34,210 shares valued at approximately $1.76 million.
• Despite the reduction by Montgomery, several other institutional investors have significantly increased their holdings in LGI Homes, with MassMutual Private Wealth boosting its position by 453.1%.
• LGI Homes reported a 19.8% decline in quarterly revenue compared to the previous year, with earnings per share of $1.36, exceeding analysts' estimates.

Montgomery Investment Management Inc. reduced its stake in LGI Homes, Inc. (NASDAQ:LGIH - Free Report) by 24.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,210 shares of the financial services provider's stock after selling 11,350 shares during the quarter. Montgomery Investment Management Inc. owned 0.15% of LGI Homes worth $1,762,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of LGIH. MassMutual Private Wealth & Trust FSB grew its position in LGI Homes by 453.1% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 531 shares of the financial services provider's stock valued at $27,000 after buying an additional 435 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings 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 valued at $42,000 after acquiring an additional 631 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of LGI Homes by 284.4% in the second quarter. Signaturefd LLC now owns 815 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 603 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of 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 in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of LGI Homes in the first quarter valued at about $71,000. 84.89% of the stock is currently owned by hedge funds and other institutional investors.

LGI Homes Price Performance

Shares of NASDAQ:LGIH opened at $52.65 on Thursday. The business's 50 day simple moving average is $59.58 and its 200-day simple moving average is $57.54. The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of 7.94 and a beta of 1.77. 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 12 month low of $47.17 and a 12 month high of $118.31.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on LGIH. Citigroup reaffirmed a "market outperform" rating on shares of LGI Homes in a report on Wednesday, August 27th. JPMorgan Chase & Co. decreased their price target on LGI Homes from $52.00 to $47.00 and set an "underweight" rating on the stock in a research note on Wednesday, July 9th. Wedbush restated a "neutral" rating and issued a $95.00 price target on shares of LGI Homes in a research note on Friday, September 5th. Finally, JMP Securities lifted their price target on LGI Homes from $75.00 to $85.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 27th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $75.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.