Legacy Housing (NASDAQ:LEGH) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Legacy Housing (NASDAQ:LEGH) from a buy rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Legacy Housing Corporation builds, sells and finances manufactured homes distributed through independent retailers and company-owned stores as well as directly to manufactured housing communities. It operates primarily in the southern United States. Legacy Housing Corporation is based in Bedford, Texas. “

Separately, B. Riley reaffirmed a neutral rating on shares of New York Community Bancorp in a research report on Wednesday, April 10th.



Shares of NASDAQ:LEGH opened at $12.50 on Wednesday. The company has a 50-day simple moving average of $12.70. Legacy Housing has a 52-week low of $8.93 and a 52-week high of $14.99. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.09 and a current ratio of 2.83.

Legacy Housing (NASDAQ:LEGH) last issued its quarterly earnings results on Monday, May 13th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.07. The business had revenue of $37.95 million during the quarter, compared to analyst estimates of $38.75 million. On average, sell-side analysts predict that Legacy Housing will post 1.11 earnings per share for the current year.

In related news, Chairman Curtis Drew Hodgson sold 100,000 shares of Legacy Housing stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $12.98, for a total transaction of $1,298,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Douglas M. Shipley sold 5,113 shares of Legacy Housing stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $12.88, for a total value of $65,855.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 134,528 shares of company stock worth $1,742,805.

A number of hedge funds have recently added to or reduced their stakes in LEGH. Philadelphia Financial Management of San Francisco LLC acquired a new stake in Legacy Housing during the fourth quarter worth about $1,850,000. Mesirow Financial Investment Management Inc. acquired a new stake in Legacy Housing during the first quarter worth about $313,000. Spark Investment Management LLC acquired a new stake in Legacy Housing during the first quarter worth about $210,000. Northern Trust Corp acquired a new stake in Legacy Housing during the fourth quarter worth about $123,000. Finally, Marshall Wace North America L.P. acquired a new stake in Legacy Housing during the first quarter worth about $46,000. 15.66% of the stock is currently owned by institutional investors and hedge funds.

About Legacy Housing

Legacy Housing Corporation builds, sells, and finances manufactured homes and tiny houses primarily in the southern United States. The company manufactures and provides for the transport of mobile homes; and offers wholesale financing to dealers and mobile home parks, as well as a range of homes, including 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms.

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