Legacy Housing (NASDAQ:LEGH) Downgraded by Zacks Investment Research

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Legacy Housing (NASDAQ:LEGH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Legacy Housing Corporation builds, sells and finances manufactured homes distributed through independent retailers and company-owned stores as well as directly to manufactured housing communities. It operates primarily in the southern United States. Legacy Housing Corporation is based in Bedford, Texas. “

Separately, B. Riley reissued a “neutral” rating on shares of New York Community Bancorp in a research report on Wednesday, April 10th.

Shares of NASDAQ LEGH traded down $0.09 during mid-day trading on Wednesday, hitting $12.68. 12,612 shares of the company’s stock traded hands, compared to its average volume of 66,813. The business has a 50-day moving average of $12.71. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.83 and a quick ratio of 1.09. The company has a market capitalization of $315.71 million and a P/E ratio of 11.85. Legacy Housing has a 1 year low of $8.93 and a 1 year high of $14.99.

Legacy Housing (NASDAQ:LEGH) last announced its earnings results on Monday, May 13th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.07. The business had revenue of $37.95 million for the quarter, compared to analysts’ expectations of $38.75 million. On average, equities analysts expect that Legacy Housing will post 1.11 EPS for the current fiscal year.

In related news, CEO Kenneth E. Shipley sold 4,001 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $12.86, for a total transaction of $51,452.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Curtis Drew Hodgson sold 100,000 shares of the firm’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $12.98, for a total transaction of $1,298,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 134,528 shares of company stock valued at $1,742,805.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new position in Legacy Housing during the first quarter worth about $46,000. Northern Trust Corp purchased a new stake in Legacy Housing during the 4th quarter worth approximately $123,000. Spark Investment Management LLC acquired a new position in Legacy Housing during the 1st quarter worth approximately $210,000. Mesirow Financial Investment Management Inc. acquired a new position in Legacy Housing during the 1st quarter worth approximately $313,000. Finally, Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of Legacy Housing in the 4th quarter valued at $1,850,000. Institutional investors and hedge funds own 15.66% of the company’s stock.

Legacy Housing Company Profile

Legacy Housing Corporation builds, sells, and finances manufactured homes and tiny houses primarily in the southern United States. The company manufactures and provides for the transport of mobile homes; and offers wholesale financing to dealers and mobile home parks, as well as a range of homes, including 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms.

See Also: Lock-Up Period Expiration

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