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

Key Points

• Wall Street Zen downgraded Legacy Housing from “strong-buy” to “buy,” while other analysts remain cautious. MarketBeat data shows a consensus “Hold” rating and a $21.00 target price.
• Legacy Housing reported quarterly EPS of $0.99, beating the $0.72 consensus estimate, while revenue of $66.35 million also exceeded expectations.
• The stock opened at $29.33, near its 12-month high of $31.34, and institutional investors own 89.35% of the company’s shares.

Legacy Housing (NASDAQ:LEGH - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Sunday.

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

Legacy Housing Stock Up 0.8%

LEGH stock opened at $29.33 on Friday. Legacy Housing has a twelve month low of $18.28 and a twelve month high of $31.34. The company has a market cap of $697.47 million, a PE ratio of 13.52 and a beta of 0.78. The business's 50-day simple moving average is $26.31 and its 200 day simple moving average is $23.12.

Legacy Housing (NASDAQ:LEGH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.27. The firm had revenue of $66.35 million for the quarter, compared to analyst estimates of $64.08 million. Legacy Housing had a return on equity of 9.53% and a net margin of 28.56%. On average, equities research analysts anticipate that Legacy Housing will post 2.32 EPS for the current year.

Institutional Investors Weigh In On Legacy Housing

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in shares of Legacy Housing in the 3rd quarter worth approximately $26,000. Tower Research Capital LLC TRC raised its stake in Legacy Housing by 414.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,408 shares of the company's stock worth $55,000 after acquiring an additional 1,940 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Legacy Housing by 179.6% during the fourth quarter. State of Alaska Department of Revenue now owns 3,470 shares of the company's stock worth $67,000 after acquiring an additional 2,229 shares in the last quarter. Strs Ohio bought a new position in shares of Legacy Housing during the first quarter valued at $124,000. Finally, Aquatic Capital Management LLC boosted its stake in shares of Legacy Housing by 2,156.0% in the 3rd quarter. Aquatic Capital Management LLC now owns 4,873 shares of the company's stock valued at $134,000 after purchasing an additional 4,657 shares in the last quarter. 89.35% of the stock is owned by institutional investors and hedge funds.

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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