Legacy Housing (NASDAQ:LEGH) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Legacy Housing (NASDAQ:LEGH) from a hold rating to a strong-buy rating in a research report report published on Tuesday,Zacks.com reports.

A number of other research firms have also recently weighed in on LEGH. B. Riley Financial restated a “neutral” rating on shares of Legacy Housing in a research note on Thursday, May 14th. Weiss Ratings upgraded Legacy Housing from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.00.

Legacy Housing Stock Down 0.6%

NASDAQ LEGH opened at $26.11 on Tuesday. Legacy Housing has a 52 week low of $18.28 and a 52 week high of $29.45. The firm has a 50 day moving average of $23.50 and a two-hundred day moving average of $21.73. The stock has a market capitalization of $620.90 million, a PE ratio of 14.67 and a beta of 0.78.

Legacy Housing (NASDAQ:LEGH) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The business had revenue of $34.37 million for the quarter, compared to analyst estimates of $38.82 million. Legacy Housing had a net margin of 26.01% and a return on equity of 8.08%. On average, equities research analysts expect that Legacy Housing will post 2.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in 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 in the last quarter. Gabelli Funds LLC boosted its stake in Legacy Housing by 11.2% in the first quarter. Gabelli Funds LLC now owns 159,440 shares of the company’s stock valued at $3,257,000 after acquiring an additional 16,099 shares in the last quarter. Sei Investments Co. purchased a new position in Legacy Housing during the 1st quarter worth approximately $229,000. Dimensional Fund Advisors LP increased its holdings in shares of Legacy Housing by 7.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 955,771 shares of the company’s stock valued at $19,526,000 after acquiring an additional 62,224 shares during the period. Finally, North Star Investment Management Corp. increased its stake in Legacy Housing by 239.3% in the first quarter. North Star Investment Management Corp. now owns 95,000 shares of the company’s stock valued at $1,941,000 after purchasing an additional 67,000 shares during the period. 89.35% of the stock is owned by hedge funds and other institutional investors.

About Legacy Housing

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.