B. Riley Financial Forecasts Strong Price Appreciation for Legacy Housing (NASDAQ:LEGH) Stock

Legacy Housing (NASDAQ:LEGH) had its target price increased by equities researchers at B. Riley Financial from $24.00 to $27.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. B. Riley Financial‘s price target would suggest a potential downside of 8.79% from the stock’s previous close.

LEGH has been the topic of a number of other research reports. Weiss Ratings upgraded Legacy Housing from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 21st. Wall Street Zen raised shares of Legacy Housing from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Finally, Zacks Research downgraded shares of Legacy Housing from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $27.00.

Legacy Housing Trading Down 2.6%

Shares of NASDAQ:LEGH traded down $0.79 during trading on Wednesday, hitting $29.60. 2,301 shares of the company were exchanged, compared to its average volume of 98,004. Legacy Housing has a fifty-two week low of $18.28 and a fifty-two week high of $39.38. The stock has a market cap of $704.00 million, a price-to-earnings ratio of 11.09 and a beta of 0.78. The firm has a fifty day moving average price of $28.47 and a two-hundred day moving average price of $24.74.

Legacy Housing (NASDAQ:LEGH) last posted its earnings results on Wednesday, November 4th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.11. The business had revenue of $69.70 million for the quarter, compared to analyst estimates of $63.12 million. Legacy Housing had a return on equity of 11.34% and a net margin of 30.06%. As a group, research analysts predict that Legacy Housing will post 2.32 EPS for the current year.

Institutional Trading of Legacy Housing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aviance Capital Partners LLC grew its holdings in shares of Legacy Housing by 1.8% during the third quarter. Aviance Capital Partners LLC now owns 49,345 shares of the company’s stock valued at $1,415,000 after buying an additional 850 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Legacy Housing by 16.4% in 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 during the last quarter. Nisa Investment Advisors LLC acquired a new stake in shares of Legacy Housing in the 3rd quarter worth about $77,000. Legal & General Group Plc bought a new position in Legacy Housing in the 2nd quarter valued at about $149,000. Finally, State of Wyoming bought a new position in Legacy Housing in the 2nd quarter valued at about $169,000. 89.35% of the stock is owned by institutional investors.

Legacy Housing Company Profile

Legacy Housing Corporation manufactures and sells affordable manufactured homes. Its product offerings include single-section and multi-section homes designed for residential use, as well as park-model homes. The company sells homes through a network that includes independent retailers and manufactured-home community operators, and it also works with developers on housing projects. Legacy’s operations are based in Texas, and its homes serve customers in multiple U.S. markets. Founded in 2005, Legacy Housing is headquartered in Bedford, Texas.