Legacy Housing (NASDAQ:LEGH) Reaches New 52-Week High – Should You Buy?

Legacy Housing Corporation (NASDAQ:LEGH) reached a new 52-week high on Monday. The company traded as high as $31.76 and last traded at $32.21, with a volume of 60,457 shares. The stock had previously closed at $29.36.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Zacks Research downgraded Legacy Housing from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Wall Street Zen raised Legacy Housing from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th. Finally, Weiss Ratings raised Legacy Housing from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 21st. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Legacy Housing has an average rating of “Hold” and an average target price of $21.00.

Legacy Housing Stock Up 8.1%

The firm has a market cap of $754.63 million, a PE ratio of 14.74 and a beta of 0.75. The firm has a 50-day moving average price of $28.18 and a two-hundred day moving average price of $24.44.

Legacy Housing (NASDAQ:LEGH) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.72 by $0.27. The firm had revenue of $66.35 million during the quarter, compared to analysts’ expectations of $64.08 million. Legacy Housing had a return on equity of 9.53% and a net margin of 28.56%. Research analysts forecast that Legacy Housing Corporation will post 2.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legacy Housing

Several hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC purchased a new position in Legacy Housing during the third quarter worth approximately $77,000. Legal & General Group Plc acquired a new stake in shares of Legacy Housing in the 2nd quarter worth $149,000. State of Wyoming purchased a new position in shares of Legacy Housing during the 2nd quarter worth $169,000. GSA Capital Partners LLP purchased a new position in shares of Legacy Housing during the 2nd quarter worth $204,000. Finally, Bank of America Corp DE raised its holdings in shares of Legacy Housing by 16.4% during the 1st quarter. Bank of America Corp DE now owns 10,289 shares of the company’s stock worth $210,000 after acquiring an additional 1,448 shares during the period. 89.35% of the stock is owned by hedge funds and other institutional investors.

About Legacy Housing

Legacy Housing Corporation is a manufacturer and seller of manufactured homes. The company produces homes in a range of sizes and floor plans, including single-section and multi-section models designed for residential use. Its products are marketed under the Legacy Housing brand and are intended to provide an alternative to traditionally built housing.

The company sells manufactured homes through a combination of retail locations, independent dealers and wholesale channels. Legacy Housing also provides financing options to qualified homebuyers and dealers, supporting the purchase of its homes.