Legacy Housing (NASDAQ:LEGH) Rating Lowered to Strong Sell at Zacks Research

Legacy Housing (NASDAQ:LEGH) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

LEGH has been the topic of a number of other research reports. Weiss Ratings downgraded Legacy Housing from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. CJS Securities lowered shares of Legacy Housing from a “market outperform” rating to a “market perform” rating in a report on Tuesday. Finally, B. Riley decreased their price target on shares of Legacy Housing from $26.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $21.00.

Legacy Housing Trading Down 2.0%

Shares of NASDAQ:LEGH traded down $0.40 during midday trading on Thursday, reaching $19.62. 107,831 shares of the company were exchanged, compared to its average volume of 108,071. The stock has a market cap of $468.33 million, a PE ratio of 10.06 and a beta of 0.80. The business’s fifty day moving average is $24.43 and its two-hundred day moving average is $24.12. Legacy Housing has a one year low of $19.38 and a one year high of $29.45.

Legacy Housing (NASDAQ:LEGH) last announced its quarterly earnings results on Friday, November 7th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.22). The company had revenue of $40.48 million during the quarter, compared to analysts’ expectations of $45.53 million. Legacy Housing had a return on equity of 9.47% and a net margin of 26.66%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Voss Capital LP grew its position in Legacy Housing by 23.4% in the 2nd quarter. Voss Capital LP now owns 1,050,000 shares of the company’s stock valued at $23,793,000 after acquiring an additional 198,789 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Legacy Housing by 2.4% in the third quarter. Dimensional Fund Advisors LP now owns 864,834 shares of the company’s stock valued at $23,791,000 after purchasing an additional 20,350 shares in the last quarter. GW&K Investment Management LLC grew its holdings in shares of Legacy Housing by 2.0% in the first quarter. GW&K Investment Management LLC now owns 686,414 shares of the company’s stock valued at $17,311,000 after purchasing an additional 13,720 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in Legacy Housing by 93.7% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 247,770 shares of the company’s stock worth $6,249,000 after buying an additional 119,870 shares in the last quarter. Finally, Robotti Robert boosted its position in Legacy Housing by 0.7% in the 2nd quarter. Robotti Robert now owns 222,867 shares of the company’s stock valued at $5,050,000 after buying an additional 1,563 shares during the period. 89.35% of the stock is currently owned by institutional investors and hedge funds.

About Legacy Housing

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.