Legacy Housing (NASDAQ:LEGH) Reaches New 12-Month Low on Disappointing Earnings

Legacy Housing Corporation (NASDAQ:LEGH) shares hit a new 52-week low during trading on Monday following a dissappointing earnings announcement. The company traded as low as $20.85 and last traded at $21.55, with a volume of 48504 shares changing hands. The stock had previously closed at $22.22.

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On Legacy Housing

Hedge funds have recently modified their holdings of the business. First Trust Advisors LP lifted its position in Legacy Housing by 2.6% during the 2nd quarter. First Trust Advisors LP now owns 35,892 shares of the company’s stock worth $813,000 after acquiring an additional 917 shares during the period. Bfsg LLC boosted its stake in shares of Legacy Housing by 1.0% in the second quarter. Bfsg LLC now owns 89,957 shares of the company’s stock valued at $2,038,000 after buying an additional 925 shares in the last quarter. Teacher Retirement System of Texas raised its position in Legacy Housing by 3.9% in the third quarter. Teacher Retirement System of Texas now owns 29,922 shares of the company’s stock worth $823,000 after acquiring an additional 1,124 shares in the last quarter. Legal & General Group Plc lifted its holdings in Legacy Housing by 15.7% in the second quarter. Legal & General Group Plc now owns 8,958 shares of the company’s stock valued at $203,000 after acquiring an additional 1,216 shares during the period. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Legacy Housing during the 3rd quarter worth $34,000. 89.35% of the stock is currently owned by hedge funds and other institutional investors.

Legacy Housing Stock Down 3.1%

The business’s fifty day moving average is $25.19 and its 200 day moving average is $24.27. The stock has a market cap of $514.04 million, a PE ratio of 11.04 and a beta of 0.80.

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.