Jennison Associates LLC Raises Stock Position in LGI Homes, Inc. $LGIH

Jennison Associates LLC raised its stake in shares of LGI Homes, Inc. (NASDAQ:LGIH) by 58.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,957 shares of the financial services provider’s stock after purchasing an additional 10,695 shares during the quarter. Jennison Associates LLC’s holdings in LGI Homes were worth $1,244,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in LGIH. Royal Bank of Canada increased its position in LGI Homes by 58.7% during the 1st quarter. Royal Bank of Canada now owns 4,721 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 1,746 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in LGI Homes by 5.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,502 shares of the financial services provider’s stock valued at $831,000 after purchasing an additional 621 shares during the period. Goldman Sachs Group Inc. increased its position in LGI Homes by 5.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 250,142 shares of the financial services provider’s stock valued at $16,627,000 after purchasing an additional 12,524 shares during the period. Russell Investments Group Ltd. increased its position in LGI Homes by 106.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 591 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 305 shares during the period. Finally, Invesco Ltd. increased its position in LGI Homes by 19.0% during the 2nd quarter. Invesco Ltd. now owns 85,400 shares of the financial services provider’s stock valued at $4,400,000 after purchasing an additional 13,611 shares during the period. 84.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LGIH. Citigroup reissued an “outperform” rating on shares of LGI Homes in a research report on Wednesday, January 7th. Zacks Research upgraded shares of LGI Homes from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of LGI Homes from a “strong sell” rating to a “sell” rating in a report on Saturday. Citizens Jmp boosted their target price on shares of LGI Homes from $85.00 to $95.00 and gave the company a “market outperform” rating in a report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of LGI Homes from $38.00 to $41.00 and gave the company an “underweight” rating in a report on Thursday. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $72.75.

Insider Activity

In related news, General Counsel Scott James Garber sold 1,353 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $42.04, for a total value of $56,880.12. Following the transaction, the general counsel owned 21,716 shares in the company, valued at $912,940.64. The trade was a 5.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Charles Michael Merdian sold 7,211 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $42.04, for a total transaction of $303,150.44. Following the completion of the transaction, the chief financial officer owned 20,540 shares in the company, valued at approximately $863,501.60. The trade was a 25.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 22,451 shares of company stock worth $943,840. Corporate insiders own 12.60% of the company’s stock.

LGI Homes Stock Performance

Shares of LGIH stock opened at $48.53 on Monday. LGI Homes, Inc. has a 12 month low of $33.55 and a 12 month high of $69.50. The stock has a market cap of $1.13 billion, a PE ratio of 15.91 and a beta of 1.90. The company has a current ratio of 18.56, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81. The company’s fifty day moving average price is $43.10 and its 200-day moving average price is $47.01.

LGI Homes (NASDAQ:LGIH) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.22. LGI Homes had a net margin of 4.22% and a return on equity of 3.80%. The firm had revenue of $319.74 million for the quarter, compared to analysts’ expectations of $328.22 million. During the same quarter in the previous year, the business posted $0.17 EPS. The company’s quarterly revenue was down 9.0% on a year-over-year basis. On average, equities analysts expect that LGI Homes, Inc. will post 2.45 EPS for the current fiscal year.

LGI Homes Company Profile

LGI Homes, Inc (NASDAQ: LGIH) is a residential homebuilder primarily focused on serving first-time and first-time move-up homebuyers in the United States. The company specializes in the acquisition, development and sale of affordable single-family homes and townhomes. LGI Homes operates through an integrated model that encompasses land sourcing, lot development, home construction, and post-closing customer support including warranty services.

In addition to its core homebuilding activities, LGI Homes offers ancillary services to streamline the homebuying process for its customers.