Legacy Housing (NASDAQ:LEGH) Hits New 1-Year High After Earnings Beat

Key Points

• Legacy Housing shares reached a new 52-week high, trading as high as $29.89 after the company reported quarterly earnings of $0.99 per share, surpassing the $0.72 consensus estimate.
• Quarterly revenue totaled $66.35 million, ahead of the $64.08 million forecast, while the company reported a 26.01% net margin and 8.08% return on equity.
• Analysts maintain a generally cautious view, with all four covering analysts rating the stock “Hold” and an average price target of $21.00; institutional investors own 89.35% of outstanding shares.

Shares of Legacy Housing Corporation (NASDAQ:LEGH - Get Free Report) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $29.89 and last traded at $29.15, with a volume of 24132 shares trading hands. The stock had previously closed at $27.52.

The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.27. Legacy Housing had a net margin of 26.01% and a return on equity of 8.08%. The company had revenue of $66.35 million during the quarter, compared to the consensus estimate of $64.08 million.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LEGH. Zacks Research downgraded Legacy Housing from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded shares of Legacy Housing from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 10th. Finally, B. Riley Financial reissued a "neutral" rating on shares of Legacy Housing in a report on Thursday, May 14th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $21.00.

Institutional Investors Weigh In On Legacy Housing

Large investors have recently bought and sold shares of the business. Yacktman Asset Management LP lifted its position in Legacy Housing by 192.8% during the fourth quarter. Yacktman Asset Management LP now owns 175,675 shares of the company's stock valued at $3,429,000 after purchasing an additional 115,675 shares during the last quarter. Rock Creek Group LP increased its holdings in shares of Legacy Housing by 620.6% in the 4th quarter. Rock Creek Group LP now owns 250,000 shares of the company's stock worth $4,880,000 after buying an additional 215,307 shares during the last quarter. North Star Investment Management Corp. bought a new stake in shares of Legacy Housing in the 4th quarter worth about $547,000. Tudor Investment Corp ET AL raised its position in shares of Legacy Housing by 197.5% during the 3rd quarter. Tudor Investment Corp ET AL now owns 44,974 shares of the company's stock valued at $1,237,000 after buying an additional 29,856 shares in the last quarter. Finally, Gabelli Funds LLC raised its position in shares of Legacy Housing by 192.6% during the 4th quarter. Gabelli Funds LLC now owns 143,341 shares of the company's stock valued at $2,798,000 after buying an additional 94,344 shares in the last quarter. Institutional investors own 89.35% of the company's stock.

Legacy Housing Stock Performance

The stock has a market cap of $685.04 million, a P/E ratio of 16.12 and a beta of 0.78. The stock's fifty day moving average is $25.59 and its 200 day moving average is $22.79.

Legacy Housing Company Profile

Legacy Housing Corp. designs, builds and markets factory-built homes, focusing on both single-section and multi-section manufactured housing products. The company offers a range of floor plans and customization options, including energy-efficient features and accessible design elements. Its core business activities encompass in-house design, procurement of building materials, plant-based construction and nationwide distribution through an independent network of retail partners.

Founded in 2009 and headquartered in Dallas, Texas, Legacy Housing operates in key regions across the southeastern and southwestern United States.

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