Legacy Housing (NASDAQ:LEGH) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Legacy Housing from “hold” to “strong-buy,” although the broader analyst consensus remains “Hold” with a $21.00 target price.
• Legacy Housing reported quarterly EPS of $0.99, beating estimates of $0.72, while revenue of $66.35 million also exceeded expectations.
• The stock opened at $29.20, near its 52-week high of $31.34, and institutional investors own a substantial 89.35% of its outstanding shares.

Legacy Housing (NASDAQ:LEGH - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also recently commented on the stock. B. Riley Financial restated a "neutral" rating on shares of Legacy Housing in a research note on Thursday, May 14th. 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, Zacks Research cut shares of Legacy Housing from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $21.00.

Legacy Housing Stock Performance

NASDAQ:LEGH opened at $29.20 on Friday. The stock has a 50-day simple moving average of $25.78 and a two-hundred day simple moving average of $22.88. The firm has a market capitalization of $694.38 million, a PE ratio of 13.46 and a beta of 0.78. Legacy Housing has a 52-week low of $18.28 and a 52-week high of $31.34.

Legacy Housing (NASDAQ:LEGH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.72 by $0.27. Legacy Housing had a return on equity of 9.53% and a net margin of 28.56%.The firm had revenue of $66.35 million for the quarter, compared to the consensus estimate of $64.08 million. Equities analysts forecast that Legacy Housing will post 2.32 earnings per share for the current fiscal year.

Institutional Trading of Legacy Housing

A number of large investors have recently added to or reduced their stakes in LEGH. First Trust Advisors LP grew its position in Legacy Housing by 2.5% in the fourth quarter. First Trust Advisors LP now owns 28,712 shares of the company's stock worth $560,000 after acquiring an additional 702 shares in the last quarter. Legal & General Group Plc increased its position in shares of Legacy Housing by 8.0% during the 3rd quarter. Legal & General Group Plc now owns 9,671 shares of the company's stock valued at $266,000 after purchasing an additional 713 shares during the last quarter. Quarry LP bought a new position in shares of Legacy Housing during the 3rd quarter valued at approximately $26,000. Barclays PLC raised its holdings in Legacy Housing by 8.8% during 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 holdings in Legacy Housing by 8.3% during the 4th quarter. Invesco Ltd. now owns 16,927 shares of the company's stock valued at $330,000 after buying an additional 1,291 shares during the period. Institutional investors own 89.35% of the company's stock.

About Legacy Housing

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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