Legacy Housing (NASDAQ:LEGH) Raised to “Strong-Buy” at Wall Street Zen

Legacy Housing (NASDAQ:LEGH) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts also recently commented on the stock. Zacks Research downgraded shares of Legacy Housing from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. B. Riley Financial reaffirmed a “neutral” rating on shares of Legacy Housing in a report on Thursday, May 14th. Finally, Weiss Ratings upgraded shares of Legacy Housing from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Legacy Housing presently has a consensus rating of “Hold” and an average price target of $21.00.

Legacy Housing Price Performance

LEGH opened at $28.34 on Friday. Legacy Housing has a 52 week low of $18.28 and a 52 week high of $31.34. The business’s 50 day moving average is $27.06 and its two-hundred day moving average is $23.67. The firm has a market cap of $673.93 million, a price-to-earnings ratio of 13.06 and a beta of 0.78.

Legacy Housing (NASDAQ:LEGH) last announced its earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.27. The business had revenue of $66.35 million for the quarter, compared to analyst estimates of $64.08 million. Legacy Housing had a net margin of 28.56% and a return on equity of 9.53%. Equities analysts expect that Legacy Housing will post 2.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Legacy Housing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its position in shares of Legacy Housing by 2,456.1% in the second quarter. California State Teachers Retirement System now owns 252,875 shares of the company’s stock valued at $6,643,000 after purchasing an additional 242,982 shares during the last quarter. Punch & Associates Investment Management Inc. purchased a new stake in Legacy Housing in the 2nd quarter valued at approximately $11,235,000. Philadelphia Financial Management of San Francisco LLC purchased a new stake in Legacy Housing in the 2nd quarter valued at approximately $11,937,745. Bank of America Corp DE acquired a new stake in Legacy Housing during the 2nd quarter valued at $288,000. Finally, J. Goldman & Co LP acquired a new stake in Legacy Housing during the 2nd quarter valued at $582,000. Institutional investors and hedge funds own 89.35% of the company’s stock.

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.