B. Riley Financial Issues Positive Forecast for Legacy Housing (NASDAQ:LEGH) Stock Price

Legacy Housing (NASDAQ:LEGH) had its target price increased by equities researchers at B. Riley Financial from $24.00 to $27.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. B. Riley Financial‘s target price suggests a potential downside of 8.79% from the stock’s previous close.

Several other brokerages have also recently weighed in on LEGH. Weiss Ratings upgraded Legacy Housing from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 21st. Zacks Research downgraded shares of Legacy Housing from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Legacy Housing from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $27.00.

Legacy Housing Stock Down 2.6%

LEGH stock traded down $0.79 during trading on Wednesday, reaching $29.60. The stock had a trading volume of 2,301 shares, compared to its average volume of 98,004. Legacy Housing has a one year low of $18.28 and a one year high of $39.38. The company’s 50 day moving average is $28.47 and its two-hundred day moving average is $24.74. The company has a market capitalization of $704.00 million, a price-to-earnings ratio of 11.09 and a beta of 0.78.

Legacy Housing (NASDAQ:LEGH) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.11. Legacy Housing had a net margin of 30.06% and a return on equity of 11.34%. The company had revenue of $69.70 million for the quarter, compared to analysts’ expectations of $63.12 million. As a group, research analysts predict that Legacy Housing will post 2.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Royce & Associates LP grew its holdings in 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 acquiring an additional 12,000 shares during the last quarter. Aviance Capital Partners LLC raised its stake in shares of Legacy Housing by 1.8% during the third quarter. Aviance Capital Partners LLC now owns 49,345 shares of the company’s stock valued at $1,415,000 after acquiring an additional 850 shares during the last quarter. Sterling Capital Management LLC raised its stake in shares of Legacy Housing by 5,197.8% during the third quarter. Sterling Capital Management LLC now owns 9,536 shares of the company’s stock valued at $273,000 after acquiring an additional 9,356 shares during the last quarter. Nisa Investment Advisors LLC bought a new position in shares of Legacy Housing during the third quarter valued at about $77,000. Finally, Lee Financial Co purchased a new stake in shares of Legacy Housing during the third quarter worth about $218,000. Hedge funds and other 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.