Legacy Housing (NASDAQ:LEGH) Lowered to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded Legacy Housing from “strong buy” to “hold.” Other analysts also remain neutral, giving the stock an average “hold” rating and a $21 price target.
• Legacy Housing shares opened at $26.39, with a market capitalization of approximately $627.6 million and a price-to-earnings ratio of 14.83. The stock has traded between $18.28 and $29.45 over the past year.
• The company’s latest quarterly results beat EPS expectations, reporting $0.46 versus the $0.42 consensus, although revenue of $34.37 million fell short of the $38.82 million estimate. Institutional investors own approximately 89.35% of the stock.

Legacy Housing (NASDAQ:LEGH - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

LEGH has been the subject of a number of other research reports. Weiss Ratings upgraded shares of Legacy Housing from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 10th. B. Riley Financial restated a "neutral" rating on shares of Legacy Housing in a research note on Thursday, May 14th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $21.00.

Legacy Housing Stock Down 0.2%

LEGH stock opened at $26.39 on Wednesday. Legacy Housing has a twelve month low of $18.28 and a twelve month high of $29.45. The firm has a market cap of $627.61 million, a price-to-earnings ratio of 14.83 and a beta of 0.79. The business's fifty day simple moving average is $25.31 and its two-hundred day simple moving average is $22.65.

Legacy Housing (NASDAQ:LEGH - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.04. The firm had revenue of $34.37 million during the quarter, compared to analyst estimates of $38.82 million. Legacy Housing had a net margin of 26.01% and a return on equity of 8.08%. Research analysts expect that Legacy Housing will post 2.32 EPS for the current year.

Institutional Trading of Legacy Housing

Several institutional investors and hedge funds have recently made changes to their positions in LEGH. Yacktman Asset Management LP lifted its stake in Legacy Housing by 192.8% in the fourth quarter. Yacktman Asset Management LP now owns 175,675 shares of the company's stock worth $3,429,000 after acquiring an additional 115,675 shares during the period. Rock Creek Group LP increased its position in Legacy Housing by 620.6% during the 4th quarter. Rock Creek Group LP now owns 250,000 shares of the company's stock valued at $4,880,000 after purchasing an additional 215,307 shares during the period. North Star Investment Management Corp. purchased a new position in Legacy Housing during the 4th quarter valued at about $547,000. Tudor Investment Corp ET AL raised its holdings in shares of Legacy Housing by 197.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 44,974 shares of the company's stock valued at $1,237,000 after purchasing an additional 29,856 shares in the last quarter. Finally, Gabelli Funds LLC raised its holdings in shares of Legacy Housing by 192.6% in the 4th quarter. Gabelli Funds LLC now owns 143,341 shares of the company's stock valued at $2,798,000 after purchasing an additional 94,344 shares in the last quarter. 89.35% of the stock is currently owned by institutional investors.

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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