Zacks Research Downgrades Legacy Housing (NASDAQ:LEGH) to Hold

Legacy Housing (NASDAQ:LEGH) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

LEGH has been the topic of a number of other research reports. B. Riley Financial restated a “neutral” rating on shares of Legacy Housing in a research report on Thursday, May 14th. Weiss Ratings upgraded Legacy Housing from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, July 10th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.00.

Legacy Housing Stock Performance

LEGH stock opened at $26.39 on Wednesday. Legacy Housing has a 1 year low of $18.28 and a 1 year high of $29.45. The stock’s 50 day moving average price is $25.31 and its 200 day moving average price is $22.65. The firm has a market cap of $627.61 million, a P/E ratio of 14.83 and a beta of 0.79.

Legacy Housing (NASDAQ:LEGH) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.04. Legacy Housing had a return on equity of 8.08% and a net margin of 26.01%.The business had revenue of $34.37 million for the quarter, compared to the consensus estimate of $38.82 million. On average, research analysts predict that Legacy Housing will post 2.32 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LEGH. Quarry LP acquired a new stake in shares of Legacy Housing in the third quarter worth approximately $26,000. Tower Research Capital LLC TRC raised its stake in Legacy Housing by 414.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,408 shares of the company’s stock worth $55,000 after purchasing an additional 1,940 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of Legacy Housing by 179.6% in the 4th quarter. State of Alaska Department of Revenue now owns 3,470 shares of the company’s stock valued at $67,000 after purchasing an additional 2,229 shares during the last quarter. Strs Ohio purchased a new stake in shares of Legacy Housing during the 1st quarter valued at $124,000. Finally, Aquatic Capital Management LLC grew its stake in shares of Legacy Housing by 2,156.0% during the 3rd quarter. Aquatic Capital Management LLC now owns 4,873 shares of the company’s stock valued at $134,000 after buying an additional 4,657 shares during the period. Institutional investors and hedge funds 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.