Legacy Housing (NASDAQ:LEGH) Stock Bumped Down to “Buy” by Wall Street Zen

Wall Street Zen lowered shares of Legacy Housing (NASDAQ:LEGH) from a strong-buy rating to a buy rating in a report released on Saturday morning,Wall Street Zen reports.

Several other research analysts also recently weighed in on the company. Zacks Research downgraded Legacy Housing from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings raised shares of Legacy Housing from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 21st. Finally, B. Riley Financial upped their target price on shares of Legacy Housing from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.00.

Legacy Housing Trading Up 0.1%

Shares of LEGH traded up $0.02 during trading hours on Friday, reaching $28.40. 65,398 shares of the stock traded hands, compared to its average volume of 100,469. Legacy Housing has a 52-week low of $18.28 and a 52-week high of $39.38. The company’s 50-day moving average price is $28.52 and its two-hundred day moving average price is $24.85. The company has a market cap of $675.35 million, a P/E ratio of 10.64 and a beta of 0.78.

Legacy Housing (NASDAQ:LEGH) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.11. Legacy Housing had a return on equity of 11.34% and a net margin of 30.06%. The firm had revenue of $69.70 million during the quarter, compared to analyst estimates of $63.12 million. On average, research analysts forecast that Legacy Housing will post 3.02 EPS for the current year.

Institutional Trading of Legacy Housing

Large investors have recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new stake in Legacy Housing during the third quarter valued at $493,000. Gabelli Funds LLC lifted its position in Legacy Housing by 5.4% during the third quarter. Gabelli Funds LLC now owns 195,640 shares of the company’s stock valued at $5,609,000 after purchasing an additional 10,000 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Legacy Housing by 28.0% in the 3rd quarter. First Trust Advisors LP now owns 38,638 shares of the company’s stock worth $1,108,000 after buying an additional 8,454 shares in the last quarter. Royce & Associates LP grew its stake in shares of Legacy Housing by 3.6% in the 3rd quarter. Royce & Associates LP now owns 350,012 shares of the company’s stock worth $10,035,000 after buying an additional 12,000 shares in the last quarter. Finally, Aviance Capital Partners LLC grew its stake in shares of Legacy Housing by 1.8% in the 3rd quarter. Aviance Capital Partners LLC now owns 49,345 shares of the company’s stock worth $1,415,000 after buying an additional 850 shares in the last quarter. Institutional investors own 89.35% of the company’s stock.

About Legacy Housing

Legacy Housing Corporation manufactures and sells affordable manufactured homes. Its product offerings include single-section and multi-section homes designed for residential use, as well as park-model homes. The company sells homes through a network that includes independent retailers and manufactured-home community operators, and it also works with developers on housing projects. Legacy’s operations are based in Texas, and its homes serve customers in multiple U.S. markets. Founded in 2005, Legacy Housing is headquartered in Bedford, Texas.