Legacy Housing (NASDAQ:LEGH) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Legacy Housing (NASDAQ:LEGH) from a strong sell rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Legacy Housing Corporation builds, sells and finances manufactured homes distributed through independent retailers and company-owned stores as well as directly to manufactured housing communities. It operates primarily in the southern United States. Legacy Housing Corporation is based in Bedford, Texas. “

A number of other brokerages also recently commented on LEGH. B. Riley began coverage on shares of Legacy Housing in a research report on Friday, November 15th. They issued a buy rating and a $18.00 price objective on the stock. ValuEngine downgraded shares of Legacy Housing from a hold rating to a sell rating in a research report on Tuesday, December 17th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Legacy Housing currently has a consensus rating of Buy and an average price target of $16.00.

Shares of NASDAQ:LEGH traded up $0.04 during trading hours on Tuesday, reaching $14.78. The stock had a trading volume of 213 shares, compared to its average volume of 27,974. Legacy Housing has a 1 year low of $8.93 and a 1 year high of $17.50. The firm’s 50 day moving average is $15.56 and its 200-day moving average is $14.81. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.75 and a current ratio of 1.57. The stock has a market capitalization of $356.26 million and a price-to-earnings ratio of 13.62.

Legacy Housing (NASDAQ:LEGH) last announced its quarterly earnings data on Friday, November 15th. The company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.07). Legacy Housing had a net margin of 15.45% and a return on equity of 12.12%. The firm had revenue of $41.94 million during the quarter, compared to analysts’ expectations of $44.22 million. Analysts forecast that Legacy Housing will post 1.13 EPS for the current year.

In related news, Chairman Curtis Drew Hodgson sold 10,000 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $16.08, for a total value of $160,800.00. Following the transaction, the chairman now directly owns 2,690,734 shares of the company’s stock, valued at approximately $43,267,002.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder William G. Shipley sold 3,941 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $15.32, for a total transaction of $60,376.12. Following the completion of the transaction, the insider now directly owns 3,241,306 shares in the company, valued at $49,656,807.92. The disclosure for this sale can be found here. Insiders sold a total of 80,900 shares of company stock worth $1,263,761 over the last ninety days. Insiders own 49.10% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace North America L.P. purchased a new position in shares of Legacy Housing in the 1st quarter valued at $46,000. Barclays PLC grew its position in shares of Legacy Housing by 64.2% in the 3rd quarter. Barclays PLC now owns 5,109 shares of the company’s stock valued at $83,000 after buying an additional 1,997 shares during the last quarter. Strs Ohio grew its position in shares of Legacy Housing by 400.0% in the 4th quarter. Strs Ohio now owns 6,000 shares of the company’s stock valued at $99,000 after buying an additional 4,800 shares during the last quarter. Wells Fargo & Company MN purchased a new position in shares of Legacy Housing in the 2nd quarter valued at $104,000. Finally, California State Teachers Retirement System grew its position in shares of Legacy Housing by 25.0% in the 3rd quarter. California State Teachers Retirement System now owns 8,993 shares of the company’s stock valued at $146,000 after buying an additional 1,800 shares during the last quarter. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

About Legacy Housing

Legacy Housing Corporation builds, sells, and finances manufactured homes and tiny houses primarily in the southern United States. The company manufactures and provides for the transport of mobile homes; and offers wholesale financing to dealers and mobile home parks, as well as a range of homes, including 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms.

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