Zacks Investment Research Upgrades LGI Homes (NASDAQ:LGIH) to “Buy”

Zacks Investment Research upgraded shares of LGI Homes (NASDAQ:LGIH) from a hold rating to a buy rating in a report published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $80.00 price target on the financial services provider’s stock.

According to Zacks, “LGI Homes, Inc. is engaged in the design and construction of entry-level homes across Texas, Arizona, Florida and Georgia. The company focuses on converting renters of apartments and single-family homes into homeowners by offering homes at affordable locations. LGI Homes, Inc. is headquartered in The Woodlands, Texas. “

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Co boosted their price objective on shares of Wingstop from $76.00 to $84.00 and gave the company an outperform rating in a research report on Monday, May 6th. ValuEngine cut shares of Yara International ASA from a hold rating to a sell rating in a research report on Wednesday, March 27th. BidaskClub cut shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, June 26th. Finally, JMP Securities set a $79.00 price objective on shares of LGI Homes and gave the company a buy rating in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $70.50.

Shares of NASDAQ LGIH opened at $75.94 on Wednesday. The stock’s fifty day moving average price is $71.44. The company has a market capitalization of $1.74 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.03 and a beta of 0.57. LGI Homes has a twelve month low of $37.16 and a twelve month high of $76.25. The company has a current ratio of 16.86, a quick ratio of 1.35 and a debt-to-equity ratio of 1.00.

LGI Homes (NASDAQ:LGIH) last announced its quarterly earnings results on Tuesday, May 7th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.13). The firm had revenue of $287.60 million for the quarter, compared to the consensus estimate of $288.06 million. LGI Homes had a return on equity of 23.28% and a net margin of 9.67%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.10 earnings per share. As a group, analysts forecast that LGI Homes will post 6.69 EPS for the current fiscal year.

In other LGI Homes news, insider Michael Larry Snider sold 13,170 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $68.11, for a total transaction of $897,008.70. Following the sale, the insider now directly owns 175,544 shares of the company’s stock, valued at approximately $11,956,301.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric Thomas Lipar sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $70.91, for a total transaction of $709,100.00. Following the sale, the chief executive officer now directly owns 544,509 shares in the company, valued at $38,611,133.19. The disclosure for this sale can be found here. Insiders sold a total of 25,670 shares of company stock worth $1,792,334 over the last ninety days. 13.40% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Carillon Tower Advisers Inc. lifted its position in LGI Homes by 7.9% during the 1st quarter. Carillon Tower Advisers Inc. now owns 62,155 shares of the financial services provider’s stock worth $3,744,000 after buying an additional 4,575 shares in the last quarter. Pier Capital LLC bought a new stake in LGI Homes during the 1st quarter worth about $4,979,000. Gagnon Securities LLC bought a new stake in LGI Homes during the 1st quarter worth about $287,000. SG Americas Securities LLC bought a new stake in LGI Homes during the 1st quarter worth about $344,000. Finally, Bank of New York Mellon Corp lifted its position in LGI Homes by 7.1% during the 4th quarter. Bank of New York Mellon Corp now owns 259,531 shares of the financial services provider’s stock worth $11,735,000 after buying an additional 17,117 shares in the last quarter. 94.44% of the stock is currently owned by hedge funds and other institutional investors.

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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