Legacy Housing (NASDAQ:LEGH) Posts Quarterly Earnings Results, Beats Expectations By $0.31 EPS

Key Points

• Legacy Housing beat quarterly expectations: The company reported EPS of $0.99, exceeding the $0.68 consensus by $0.31, while revenue reached $66.35 million versus estimates of $59.91 million.
• Shares rose to $27.52 following the results, giving Legacy Housing a market capitalization of approximately $654 million; the stock remains below its 52-week high of $29.45.
• Analysts maintain a consensus “Hold” rating with an average price target of $21.00, while institutional investors and hedge funds own 89.35% of the company’s shares.

Legacy Housing (NASDAQ:LEGH - Get Free Report) announced its earnings results on Wednesday. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.31, FiscalAI reports. Legacy Housing had a net margin of 26.01% and a return on equity of 8.08%. The business had revenue of $66.35 million during the quarter, compared to analysts' expectations of $59.91 million.

Legacy Housing Stock Performance

Shares of NASDAQ LEGH traded up $0.26 during trading on Wednesday, reaching $27.52. The company had a trading volume of 144,766 shares, compared to its average volume of 101,502. Legacy Housing has a 52 week low of $18.28 and a 52 week high of $29.45. The stock has a market cap of $654.43 million, a PE ratio of 15.46 and a beta of 0.78. The business's 50 day moving average price is $25.52 and its 200-day moving average price is $22.75.

Institutional Trading of Legacy Housing

A number of hedge funds and other institutional investors have recently modified their holdings of LEGH. First Trust Advisors LP raised its position in Legacy Housing by 2.5% in the 4th quarter. First Trust Advisors LP now owns 28,712 shares of the company's stock worth $560,000 after purchasing an additional 702 shares during the last quarter. Legal & General Group Plc boosted its position in Legacy Housing by 8.0% in the 3rd quarter. Legal & General Group Plc now owns 9,671 shares of the company's stock valued at $266,000 after buying an additional 713 shares during the last quarter. Quarry LP acquired a new stake in shares of Legacy Housing in the 3rd quarter valued at $26,000. Barclays PLC increased its stake in shares of Legacy Housing by 8.8% in the 4th quarter. Barclays PLC now owns 13,394 shares of the company's stock valued at $261,000 after buying an additional 1,081 shares during the period. Finally, Invesco Ltd. raised its position in shares of Legacy Housing by 8.3% during the fourth quarter. Invesco Ltd. now owns 16,927 shares of the company's stock worth $330,000 after acquiring an additional 1,291 shares during the last quarter. Institutional investors and hedge funds own 89.35% of the company's stock.

Wall Street Analysts Forecast Growth

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

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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