Legacy Housing Co. (NASDAQ:LEGH - Get Free Report)'s stock price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $25.73, but opened at $23.15. Legacy Housing shares last traded at $23.17, with a volume of 7,968 shares changing hands.
The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.57 by ($0.16). The company had revenue of $35.70 million for the quarter, compared to analysts' expectations of $44.13 million. Legacy Housing had a net margin of 33.11% and a return on equity of 11.85%.
Analyst Ratings Changes
Separately, B. Riley initiated coverage on shares of Legacy Housing in a research note on Friday. They set a "neutral" rating and a $26.00 target price for the company.
Read Our Latest Analysis on LEGH
Institutional Trading of Legacy Housing
A number of large investors have recently made changes to their positions in LEGH. Goldman Sachs Group Inc. lifted its stake in Legacy Housing by 4.2% in the first quarter. Goldman Sachs Group Inc. now owns 54,434 shares of the company's stock worth $1,373,000 after acquiring an additional 2,214 shares during the period. PDT Partners LLC lifted its stake in Legacy Housing by 29.0% in the first quarter. PDT Partners LLC now owns 19,879 shares of the company's stock worth $501,000 after acquiring an additional 4,464 shares during the period. Royal Bank of Canada lifted its stake in Legacy Housing by 21.9% in the first quarter. Royal Bank of Canada now owns 105,440 shares of the company's stock worth $2,659,000 after acquiring an additional 18,920 shares during the period. Gabelli Funds LLC lifted its stake in Legacy Housing by 18.9% in the first quarter. Gabelli Funds LLC now owns 39,027 shares of the company's stock worth $984,000 after acquiring an additional 6,200 shares during the period. Finally, Jump Financial LLC purchased a new stake in Legacy Housing in the first quarter worth about $329,000. 89.35% of the stock is owned by hedge funds and other institutional investors.
Legacy Housing Stock Up 0.3%
The stock's 50 day moving average is $24.67 and its two-hundred day moving average is $25.19. The company has a market capitalization of $569.18 million, a PE ratio of 10.88 and a beta of 0.98.
Legacy Housing Company Profile
(
Get Free Report)
Legacy Housing Corporation engages in the building, sale, and financing of manufactured homes and tiny houses primarily in the southern United States. It manufactures and provides for the transport of mobile homes, including 1 to 5 bedrooms with 1 to 3 1/2 bathrooms; and provides wholesale financing to dealers and mobile home parks, as well as retail financing to consumers.
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