Legacy Housing (NASDAQ:LEGH) Posts Earnings Results, Beats Expectations By $0.27 EPS

Legacy Housing (NASDAQ:LEGH) announced its quarterly earnings results on Wednesday. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.27, FiscalAI reports. Legacy Housing had a net margin of 26.01% and a return on equity of 8.08%. The company had revenue of $66.35 million during the quarter, compared to the consensus estimate of $64.08 million.

Legacy Housing Stock Up 7.5%

Legacy Housing stock traded up $2.06 during midday trading on Thursday, reaching $29.58. 181,590 shares of the stock traded hands, compared to its average volume of 102,013. The stock has a market cap of $703.40 million, a P/E ratio of 16.68 and a beta of 0.78. The stock’s fifty day moving average is $25.59 and its 200-day moving average is $22.79. Legacy Housing has a 12 month low of $18.28 and a 12 month high of $30.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP purchased a new position in shares of Legacy Housing in the 3rd quarter worth $26,000. Tower Research Capital LLC TRC lifted its holdings in shares of Legacy Housing by 414.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,408 shares of the company’s stock valued at $55,000 after acquiring an additional 1,940 shares during the last quarter. Aquatic Capital Management LLC grew its position in Legacy Housing by 2,156.0% in the third quarter. Aquatic Capital Management LLC now owns 4,873 shares of the company’s stock worth $134,000 after acquiring an additional 4,657 shares in the last quarter. Strs Ohio bought a new stake in Legacy Housing during the first quarter worth approximately $124,000. Finally, State of Wyoming raised its position in Legacy Housing by 99.5% during the second quarter. State of Wyoming now owns 8,946 shares of the company’s stock valued at $203,000 after purchasing an additional 4,462 shares during the period. 89.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LEGH has been the topic of several research reports. Weiss Ratings raised Legacy Housing from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. B. Riley Financial restated a “neutral” rating on shares of Legacy Housing in a research report on Thursday, May 14th. Finally, Zacks Research downgraded shares of Legacy Housing from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $21.00.

Legacy Housing Company Profile

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.