Legacy Housing (NASDAQ:LEGH) Downgraded by Wall Street Zen to "Buy"

Key Points

• Wall Street Zen downgraded Legacy Housing from “strong-buy” to “buy.” Across analysts, the stock has an average “hold” rating and a $27 price target.
• Legacy Housing beat quarterly estimates, reporting EPS of $0.85 versus $0.74 expected and revenue of $69.7 million versus $63.12 million expected.
• Shares opened at $28.40, above the average analyst price target of $27; institutional investors and hedge funds own 89.35% of the stock.

Legacy Housing (NASDAQ:LEGH - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other analysts also recently issued reports on LEGH. Zacks Research downgraded Legacy Housing from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Weiss Ratings upgraded shares of Legacy Housing from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 21st. Finally, B. Riley Financial raised their target price on shares of Legacy Housing from $24.00 to $27.00 and gave the stock a "neutral" rating in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $27.00.

Legacy Housing Stock Up 0.1%

Shares of Legacy Housing stock opened at $28.40 on Friday. The stock's fifty day moving average is $28.52 and its 200-day moving average is $24.85. The firm has a market capitalization of $675.35 million, a PE ratio of 10.63 and a beta of 0.78. Legacy Housing has a 12-month low of $18.28 and a 12-month high of $39.38.

Legacy Housing (NASDAQ:LEGH - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.85 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.11. Legacy Housing had a return on equity of 11.34% and a net margin of 30.06%. The business had revenue of $69.70 million during the quarter, compared to analyst estimates of $63.12 million. Analysts expect that Legacy Housing will post 3.02 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Legacy Housing in the second quarter worth approximately $16,714,000. Philadelphia Financial Management of San Francisco LLC acquired a new position in Legacy Housing in the 2nd quarter valued at approximately $11,937,745. Punch & Associates Investment Management Inc. acquired a new position in Legacy Housing in the 2nd quarter valued at approximately $11,235,000. Bard Associates Inc. acquired a new position in Legacy Housing in the 2nd quarter valued at approximately $4,720,000. Finally, Dimensional Fund Advisors LP lifted its position in Legacy Housing by 7.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 955,771 shares of the company's stock worth $19,526,000 after buying an additional 62,224 shares in the last quarter. 89.35% of the stock is owned by institutional investors and hedge funds.

About Legacy Housing

Legacy Housing Corporation manufactures and sells affordable manufactured homes. Its product offerings include single-section and multi-section homes designed for residential use, as well as park-model homes. The company sells homes through a network that includes independent retailers and manufactured-home community operators, and it also works with developers on housing projects. Legacy's operations are based in Texas, and its homes serve customers in multiple U.S. markets. Founded in 2005, Legacy Housing is headquartered in Bedford, Texas.

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