LGI Homes (NASDAQ:LGIH) Stock Price Down 3.6% – Here’s What Happened

LGI Homes, Inc. (NASDAQ:LGIH)’s stock price traded down 3.6% during mid-day trading on Friday . The stock traded as low as $111.06 and last traded at $111.18. 26,936 shares were traded during trading, a decline of 87% from the average session volume of 213,125 shares. The stock had previously closed at $115.29.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on LGI Homes from $95.00 to $93.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 10th. Wedbush reaffirmed a “neutral” rating and set a $125.00 target price on shares of LGI Homes in a research report on Friday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, LGI Homes has an average rating of “Hold” and a consensus price target of $126.00.

LGI Homes Stock Performance

The company has a 50-day simple moving average of $109.25 and a two-hundred day simple moving average of $102.00. The company has a quick ratio of 0.49, a current ratio of 12.63 and a debt-to-equity ratio of 0.78. The firm has a market cap of $2.63 billion, a PE ratio of 13.93 and a beta of 1.95.

LGI Homes (NASDAQ:LGIH) last posted its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.24. The business had revenue of $602.50 million for the quarter, compared to analysts’ expectations of $617.44 million. LGI Homes had a return on equity of 10.45% and a net margin of 8.78%. The business’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.25 earnings per share. As a group, equities research analysts forecast that LGI Homes, Inc. will post 9.01 earnings per share for the current year.

Institutional Trading of LGI Homes

Several hedge funds have recently made changes to their positions in the company. Cim LLC raised its stake in shares of LGI Homes by 16.9% in the second quarter. Cim LLC now owns 4,320 shares of the financial services provider’s stock valued at $387,000 after buying an additional 625 shares during the period. Disciplined Growth Investors Inc. MN raised its stake in shares of LGI Homes by 1.7% in the second quarter. Disciplined Growth Investors Inc. MN now owns 906,198 shares of the financial services provider’s stock valued at $81,096,000 after buying an additional 15,340 shares during the period. Algert Global LLC bought a new stake in shares of LGI Homes in the second quarter valued at $663,000. Scientech Research LLC bought a new stake in shares of LGI Homes in the second quarter valued at $241,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of LGI Homes by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 11,859 shares of the financial services provider’s stock valued at $1,061,000 after buying an additional 775 shares during the period. 84.89% of the stock is currently owned by institutional investors.

LGI Homes Company 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.