Legacy Housing (NASDAQ:LEGH) Reaches New 1-Year High on Better-Than-Expected Earnings

Legacy Housing Corporation (NASDAQ:LEGH)’s share price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $29.89 and last traded at $29.15, with a volume of 24132 shares. The stock had previously closed at $27.52.

The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.27. The business had revenue of $66.35 million during the quarter, compared to analyst estimates of $64.08 million. Legacy Housing had a return on equity of 8.08% and a net margin of 26.01%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Weiss Ratings upgraded Legacy Housing from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. B. Riley Financial reissued a “neutral” rating on shares of Legacy Housing in a research note on Thursday, May 14th. Finally, Zacks Research lowered shares of Legacy Housing from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $21.00.

Hedge Funds Weigh In On Legacy Housing

A number of institutional investors have recently modified their holdings of the stock. Yacktman Asset Management LP raised its stake in shares of Legacy Housing by 192.8% during the fourth quarter. Yacktman Asset Management LP now owns 175,675 shares of the company’s stock valued at $3,429,000 after acquiring an additional 115,675 shares in the last quarter. Rock Creek Group LP increased its holdings in Legacy Housing by 620.6% during the 4th quarter. Rock Creek Group LP now owns 250,000 shares of the company’s stock worth $4,880,000 after purchasing an additional 215,307 shares during the period. North Star Investment Management Corp. bought a new stake in Legacy Housing during the 4th quarter valued at $547,000. Tudor Investment Corp ET AL lifted its holdings in shares of Legacy Housing by 197.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 44,974 shares of the company’s stock worth $1,237,000 after buying an additional 29,856 shares during the period. Finally, Gabelli Funds LLC lifted its holdings in shares of Legacy Housing by 192.6% in the 4th quarter. Gabelli Funds LLC now owns 143,341 shares of the company’s stock worth $2,798,000 after buying an additional 94,344 shares during the period. 89.35% of the stock is owned by hedge funds and other institutional investors.

Legacy Housing Trading Up 4.7%

The firm has a market cap of $685.04 million, a P/E ratio of 16.12 and a beta of 0.78. The business has a 50-day moving average price of $25.59 and a 200-day moving average price of $22.79.

Legacy Housing Company Profile

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.