Legacy Housing (NASDAQ:LEGH) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Legacy Housing (NASDAQ:LEGH) from a hold rating to a buy rating in a research note issued to investors on Saturday, Zacks.com reports. They currently have $14.00 price objective on the stock.

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, Oak Ridge Finl. reaffirmed a buy rating on shares of Legacy Housing in a research report on Thursday, August 15th.



NASDAQ:LEGH opened at $12.57 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.79 and a current ratio of 1.93. The stock’s 50-day simple moving average is $12.71 and its 200 day simple moving average is $12.72. The company has a market cap of $317.65 million and a P/E ratio of 11.75. Legacy Housing has a 52-week low of $8.93 and a 52-week high of $14.99.

Legacy Housing (NASDAQ:LEGH) last released its earnings results on Tuesday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The company had revenue of $45.76 million during the quarter, compared to analyst estimates of $42.84 million. As a group, equities analysts predict that Legacy Housing will post 1.22 earnings per share for the current fiscal year.

In related news, major shareholder William G. Shipley sold 4,000 shares of Legacy Housing stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $12.87, for a total value of $51,480.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder William G. Shipley sold 18,502 shares of Legacy Housing stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $13.03, for a total value of $241,081.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 235,345 shares of company stock worth $3,057,088.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Spark Investment Management LLC acquired a new position in Legacy Housing during the first quarter worth approximately $210,000. Northern Trust Corp acquired a new position in Legacy Housing during the fourth quarter worth approximately $123,000. Teton Advisors Inc. increased its position in Legacy Housing by 21.3% during the second quarter. Teton Advisors Inc. now owns 49,500 shares of the company’s stock worth $616,000 after buying an additional 8,700 shares during the last quarter. Gabelli Funds LLC increased its position in Legacy Housing by 22.2% during the second quarter. Gabelli Funds LLC now owns 20,400 shares of the company’s stock worth $254,000 after buying an additional 3,700 shares during the last quarter. Finally, Marshall Wace North America L.P. acquired a new position in Legacy Housing during the first quarter worth approximately $46,000. 19.14% of the stock is currently owned by hedge funds and other institutional investors.

Legacy Housing Company Profile

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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