Legacy Housing (NASDAQ:LEGH) Reaches New 1-Year High - What's Next?

Key Points

• Legacy Housing shares reached a new 52-week high, trading as high as $31.76 and last at $32.21, up from a previous close of $29.36.
• Analyst sentiment remains mixed: one analyst rates the stock Buy and three rate it Hold, resulting in a consensus Hold rating and an average price target of $21.00.
• The company exceeded quarterly expectations, reporting $0.99 earnings per share versus the $0.72 consensus and revenue of $66.35 million versus $64.08 million expected; institutional investors own 89.35% of the stock.

Shares of Legacy Housing Corporation (NASDAQ:LEGH - Get Free Report) hit a new 52-week high on Monday. The company traded as high as $31.76 and last traded at $32.21, with a volume of 60,457 shares. The stock had previously closed at $29.36.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Weiss Ratings raised shares of Legacy Housing from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, October 21st. Wall Street Zen raised shares of Legacy Housing from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 29th. Finally, Zacks Research lowered shares of Legacy Housing from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $21.00.

Legacy Housing Stock Performance

The company's fifty day moving average is $28.18 and its two-hundred day moving average is $24.44. The company has a market cap of $754.63 million, a price-to-earnings ratio of 14.74 and a beta of 0.75.

Legacy Housing (NASDAQ:LEGH - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 28.56% and a return on equity of 9.53%. On average, sell-side analysts anticipate that Legacy Housing Corporation will post 2.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Aviance Capital Partners LLC increased its holdings in shares of Legacy Housing by 1.8% during the 3rd quarter. Aviance Capital Partners LLC now owns 49,345 shares of the company's stock valued at $1,415,000 after purchasing an additional 850 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Legacy Housing by 5,197.8% in the third quarter. Sterling Capital Management LLC now owns 9,536 shares of the company's stock valued at $273,000 after buying an additional 9,356 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in Legacy Housing in the third quarter valued at $77,000. Lee Financial Co acquired a new position in shares of Legacy Housing in the third quarter worth about $218,000. Finally, Punch & Associates Investment Management Inc. acquired a new position in shares of Legacy Housing in the second quarter worth about $11,235,000. 89.35% of the stock is owned by institutional investors and hedge funds.

Legacy Housing Company Profile

Legacy Housing Corporation is a manufacturer and seller of manufactured homes. The company produces homes in a range of sizes and floor plans, including single-section and multi-section models designed for residential use. Its products are marketed under the Legacy Housing brand and are intended to provide an alternative to traditionally built housing.

The company sells manufactured homes through a combination of retail locations, independent dealers and wholesale channels. Legacy Housing also provides financing options to qualified homebuyers and dealers, supporting the purchase of its homes.

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