Legacy Housing (NASDAQ:LEGH) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Legacy Housing (NASDAQ:LEGH) from a hold rating to a strong sell rating in a report published on Thursday morning,Zacks.com reports.

LEGH has been the subject of a number of other reports. Weiss Ratings cut shares of Legacy Housing from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. B. Riley dropped their price target on Legacy Housing from $26.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, CJS Securities cut Legacy Housing from a “market outperform” rating to a “market perform” rating in a report on Tuesday, November 11th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $21.00.

Legacy Housing Stock Down 2.0%

Legacy Housing stock opened at $19.62 on Thursday. The firm has a market capitalization of $468.33 million, a PE ratio of 10.06 and a beta of 0.80. Legacy Housing has a 52 week low of $19.38 and a 52 week high of $29.45. The firm’s 50-day simple moving average is $24.43 and its 200 day simple moving average is $24.12.

Legacy Housing (NASDAQ:LEGH) last announced its earnings results on Friday, November 7th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.22). Legacy Housing had a return on equity of 9.47% and a net margin of 26.66%.The business had revenue of $40.48 million for the quarter, compared to analyst estimates of $45.53 million.

Institutional Investors Weigh In On Legacy Housing

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new position in shares of Legacy Housing during the 3rd quarter valued at about $34,000. Tower Research Capital LLC TRC grew its holdings in Legacy Housing by 414.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,408 shares of the company’s stock valued at $55,000 after purchasing an additional 1,940 shares during the period. AlphaQuest LLC increased its position in Legacy Housing by 3,972.9% during the third quarter. AlphaQuest LLC now owns 3,910 shares of the company’s stock worth $108,000 after purchasing an additional 3,814 shares during the last quarter. Quantbot Technologies LP purchased a new position in Legacy Housing during the first quarter worth approximately $116,000. Finally, Strs Ohio purchased a new position in Legacy Housing during the first quarter worth approximately $124,000. Hedge funds and other institutional investors own 89.35% of the company’s stock.

About Legacy Housing

Legacy Housing Corporation engages in the building, sale, and financing of manufactured homes and tiny houses primarily in the southern United States. It manufactures and provides for the transport of mobile homes, including 1 to 5 bedrooms with 1 to 3 1/2 bathrooms; and provides wholesale financing to dealers and mobile home parks, as well as retail financing to consumers.