Legacy Housing (NASDAQ:LEGH) Reaches New 12-Month Low Following Weak Earnings

Legacy Housing Corporation (NASDAQ:LEGH)’s stock price reached a new 52-week low during trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $20.85 and last traded at $21.55, with a volume of 48504 shares traded. The stock had previously closed at $22.22.

The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.22). Legacy Housing had a net margin of 26.66% and a return on equity of 9.56%. The company had revenue of $40.48 million during the quarter, compared to analyst estimates of $45.53 million.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut Legacy Housing from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Legacy Housing has an average rating of “Hold” and an average price target of $26.00.

Hedge Funds Weigh In On Legacy Housing

A number of institutional investors have recently made changes to their positions in LEGH. Voss Capital LP boosted its stake in shares of Legacy Housing by 23.4% during the 2nd quarter. Voss Capital LP now owns 1,050,000 shares of the company’s stock worth $23,793,000 after acquiring an additional 198,789 shares during the last quarter. Crown Wealth Group LLC bought a new stake in Legacy Housing in the third quarter worth $3,865,000. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Legacy Housing by 93.7% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 247,770 shares of the company’s stock worth $6,249,000 after acquiring an additional 119,870 shares during the last quarter. Boston Partners grew its stake in Legacy Housing by 543.2% in the 1st quarter. Boston Partners now owns 116,089 shares of the company’s stock worth $2,928,000 after acquiring an additional 98,040 shares in the last quarter. Finally, Robotti Robert raised its position in Legacy Housing by 72.8% during the 1st quarter. Robotti Robert now owns 221,304 shares of the company’s stock valued at $5,581,000 after purchasing an additional 93,234 shares in the last quarter. Institutional investors own 89.35% of the company’s stock.

Legacy Housing Stock Performance

The firm has a market capitalization of $514.04 million, a PE ratio of 11.04 and a beta of 0.80. The company has a fifty day simple moving average of $25.19 and a two-hundred day simple moving average of $24.27.

Legacy Housing Company Profile

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.