Raymond James Financial Inc. Invests $15.51 Million in LGI Homes, Inc. (NASDAQ:LGIH)

Raymond James Financial Inc. purchased a new position in shares of LGI Homes, Inc. (NASDAQ:LGIH) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 173,456 shares of the financial services provider’s stock, valued at approximately $15,507,000. Raymond James Financial Inc. owned approximately 0.74% of LGI Homes as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in shares of LGI Homes by 131.4% during the third quarter. JPMorgan Chase & Co. now owns 111,557 shares of the financial services provider’s stock worth $13,222,000 after purchasing an additional 63,346 shares in the last quarter. Citigroup Inc. increased its stake in shares of LGI Homes by 60.9% during the third quarter. Citigroup Inc. now owns 41,797 shares of the financial services provider’s stock worth $4,954,000 after buying an additional 15,818 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of LGI Homes during the third quarter worth approximately $334,000. Proficio Capital Partners LLC purchased a new stake in shares of LGI Homes during the fourth quarter worth approximately $1,934,000. Finally, Covalent Partners LLC purchased a new stake in shares of LGI Homes during the third quarter worth approximately $2,655,000. Institutional investors and hedge funds own 84.89% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on LGIH shares. Wedbush restated a “neutral” rating and set a $115.00 target price (down from $125.00) on shares of LGI Homes in a research note on Tuesday, January 7th. Seaport Res Ptn upgraded shares of LGI Homes from a “strong sell” rating to a “hold” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. cut their target price on shares of LGI Homes from $82.00 to $80.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th. Finally, JMP Securities restated a “market outperform” rating and set a $160.00 target price on shares of LGI Homes in a research note on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $118.33.

Insider Activity

In other news, COO Michael Larry Snider sold 1,105 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $75.94, for a total value of $83,913.70. Following the completion of the sale, the chief operating officer now directly owns 27,102 shares of the company’s stock, valued at approximately $2,058,125.88. This represents a 3.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 12.40% of the company’s stock.

LGI Homes Stock Performance

Shares of LGI Homes stock opened at $72.32 on Wednesday. The firm has a market capitalization of $1.69 billion, a P/E ratio of 8.67 and a beta of 2.13. LGI Homes, Inc. has a 52 week low of $68.66 and a 52 week high of $125.83. The company has a quick ratio of 0.54, a current ratio of 12.72 and a debt-to-equity ratio of 0.77. The firm’s 50 day moving average is $82.68 and its two-hundred day moving average is $97.52.

LGI Homes (NASDAQ:LGIH) last announced its quarterly earnings results on Tuesday, February 25th. The financial services provider reported $2.15 EPS for the quarter, missing the consensus estimate of $2.31 by ($0.16). The company had revenue of $557.40 million during the quarter, compared to analysts’ expectations of $588.56 million. LGI Homes had a net margin of 8.75% and a return on equity of 10.32%. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.19 earnings per share. Research analysts forecast that LGI Homes, Inc. will post 8.46 EPS for the current fiscal year.

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.