Riggs Asset Managment Co. Inc. raised its stake in shares of LGI Homes Inc. (NASDAQ:LGIH) by 9,723.5% during the second quarter, Holdings Channel reports. The fund owned 39,294 shares of the company’s stock after buying an additional 38,894 shares during the period. Riggs Asset Managment Co. Inc.’s holdings in LGI Homes were worth $1,255,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Creative Planning increased its stake in shares of LGI Homes by 76.8% in the second quarter. Creative Planning now owns 5,480 shares of the company’s stock valued at $175,000 after buying an additional 2,380 shares during the last quarter. Nordea Investment Management AB acquired a new stake in shares of LGI Homes during the second quarter valued at $673,000. Albion Financial Group UT increased its stake in shares of LGI Homes by 10.0% in the second quarter. Albion Financial Group UT now owns 21,181 shares of the company’s stock valued at $677,000 after buying an additional 1,929 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of LGI Homes during the second quarter valued at $1,177,000. Finally, Clark Capital Management Group Inc. increased its stake in shares of LGI Homes by 116.2% in the first quarter. Clark Capital Management Group Inc. now owns 47,228 shares of the company’s stock valued at $1,143,000 after buying an additional 25,388 shares during the last quarter. Hedge funds and other institutional investors own 66.98% of the company’s stock.
Shares of LGI Homes Inc. (NASDAQ:LGIH) traded up 0.90% during mid-day trading on Friday, hitting $32.47. The company’s stock had a trading volume of 271,079 shares. LGI Homes Inc. has a 1-year low of $18.74 and a 1-year high of $40.47. The company has a 50-day moving average of $36.27 and a 200 day moving average of $31.45. The company has a market cap of $682.62 million, a price-to-earnings ratio of 10.73 and a beta of -0.01.
LGI Homes (NASDAQ:LGIH) last released its earnings results on Tuesday, August 9th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.09. The business had revenue of $222.72 million for the quarter, compared to the consensus estimate of $219.52 million. LGI Homes had a return on equity of 24.52% and a net margin of 8.63%. LGI Homes’s quarterly revenue was up 40.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 earnings per share. On average, analysts expect that LGI Homes Inc. will post $3.39 EPS for the current year.
Several brokerages recently weighed in on LGIH. JMP Securities restated a “buy” rating on shares of LGI Homes in a research note on Saturday, July 9th. Zacks Investment Research downgraded LGI Homes from a “hold” rating to a “sell” rating in a research note on Tuesday, August 9th. Finally, Wells Fargo & Co. began coverage on LGI Homes in a research note on Wednesday, September 28th. They set an “outperform” rating for the company. Six research analysts have rated the stock with a buy rating, LGI Homes currently has a consensus rating of “Buy” and an average price target of $40.33.
In related news, insider Eric Thomas Lipar sold 10,000 shares of LGI Homes stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $36.66, for a total value of $366,600.00. Following the sale, the insider now owns 528,933 shares of the company’s stock, valued at $19,390,683.78. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 17.50% of the stock is owned by corporate insiders.
About LGI Homes
LGI Homes, Inc is a homebuilder. The Company is engaged in the design, construction, marketing and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, South Carolina, North Carolina, Colorado, Washington and Tennessee. The Company has five segments: the Texas division, the Southwest division, the Southeast division, the Florida division and the Northwest division.