Metropolitan Life Insurance Co NY increased its holdings in shares of LGI Homes Inc (NASDAQ:LGIH) by 18.7% in the third quarter, Holdings Channel.com reports. The fund owned 6,548 shares of the financial services provider’s stock after buying an additional 1,031 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in LGI Homes were worth $546,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Millennium Management LLC grew its position in LGI Homes by 216.2% in the 3rd quarter. Millennium Management LLC now owns 456,511 shares of the financial services provider’s stock valued at $38,036,000 after acquiring an additional 312,154 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in LGI Homes in the 3rd quarter worth about $25,000. California State Teachers Retirement System lifted its holdings in LGI Homes by 1.2% during the 3rd quarter. California State Teachers Retirement System now owns 31,219 shares of the financial services provider’s stock valued at $2,601,000 after buying an additional 373 shares in the last quarter. CDAM UK Ltd lifted its holdings in LGI Homes by 18.7% during the 3rd quarter. CDAM UK Ltd now owns 357,179 shares of the financial services provider’s stock valued at $29,760,000 after buying an additional 56,275 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in LGI Homes in the 3rd quarter valued at about $243,000. 96.57% of the stock is owned by hedge funds and other institutional investors.
LGIH has been the topic of a number of research reports. BidaskClub raised shares of LGI Homes from a “sell” rating to a “hold” rating in a research report on Friday, December 6th. Zacks Investment Research upgraded LGI Homes from a “sell” rating to a “hold” rating in a report on Friday, November 8th. BTIG Research increased their price objective on LGI Homes from $62.00 to $65.00 and gave the stock a “sell” rating in a research note on Monday, September 23rd. ValuEngine upgraded LGI Homes from a “strong sell” rating to a “sell” rating in a report on Friday, November 29th. Finally, JPMorgan Chase & Co. downgraded LGI Homes from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $77.00 to $84.50 in a report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $83.30.
LGI Homes (NASDAQ:LGIH) last issued its earnings results on Tuesday, November 5th. The financial services provider reported $1.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.04. LGI Homes had a net margin of 9.43% and a return on equity of 22.07%. The company had revenue of $483.10 million for the quarter, compared to analysts’ expectations of $486.83 million. During the same period in the prior year, the business earned $1.52 EPS. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. Sell-side analysts anticipate that LGI Homes Inc will post 6.72 EPS for the current fiscal year.
In other news, Director Bryan Christopher Sansbury sold 9,200 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $72.00, for a total value of $662,400.00. Following the completion of the sale, the director now owns 17,353 shares of the company’s stock, valued at approximately $1,249,416. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 13.40% of the stock is currently owned by corporate insiders.
About LGI Homes
LGI Homes, Inc engages in the design, construction, and sale of new homes in Texas, Arizona, Florida, Georgia, New Mexico, North Carolina, South Carolina, Colorado, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, and Nevada. It offers entry-level homes, such as detached homes and townhomes, and move-up homes under the LGI Homes brand name; and luxury series homes under the Terrata Homes brand name.
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