Legacy Housing (NASDAQ:LEGH) Cut to Sell at Zacks Investment Research - Mitchell Messenger - Home Builder Developer, Interior Renovation and Design Home Builder Developer, Interior Renovation and Design

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

Several other research firms have also issued reports on LEGH. B. Riley initiated coverage on shares of Legacy Housing in a report on Friday, November 15th. They set a buy rating and a $18.00 target price for the company. Oak Ridge Finl. restated a buy rating on shares of Legacy Housing in a report on Thursday, August 15th. Finally, Lake Street Capital started coverage on shares of Legacy Housing in a report on Tuesday, September 17th. They issued a buy rating for the company.

Legacy Housing (NASDAQ:LEGH) last released its earnings results on Friday, November 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters consensus estimate of $0.32 by ($0.07). Legacy Housing had a net margin of 15.45% and a return on equity of 12.12%. The business had revenue of $41.94 million for the quarter, compared to analysts expectations of $44.22 million. On average, sell-side analysts forecast that Legacy Housing will post 1.13 EPS for the current fiscal year.

In other Legacy Housing news, CEO Kenneth E. Shipley sold 3,350 shares of the businesss stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $16.13, for a total transaction of $54,035.50. Also, Chairman Curtis Drew Hodgson sold 39,692 shares of the businesss stock in a transaction on Monday, August 26th. The shares were sold at an average price of $12.87, for a total transaction of $510,836.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,670,453 shares of company stock valued at $23,933,789. Company insiders own 49.10% of the companys stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. grew its position in shares of Legacy Housing by 1.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 580,528 shares of the companys stock valued at $9,404,000 after acquiring an additional 5,971 shares during the period. GW&K Investment Management LLC bought a new stake in shares of Legacy Housing during the 2nd quarter valued at $4,899,000. BlackRock Inc. grew its position in shares of Legacy Housing by 31.4% during the 2nd quarter. BlackRock Inc. now owns 266,888 shares of the companys stock valued at $3,322,000 after acquiring an additional 63,750 shares during the period. Vanguard Group Inc. grew its position in shares of Legacy Housing by 10.9% during the 2nd quarter. Vanguard Group Inc. now owns 237,459 shares of the companys stock valued at $2,956,000 after acquiring an additional 23,332 shares during the period. Finally, Boston Partners grew its position in shares of Legacy Housing by 166.4% during the 2nd quarter. Boston Partners now owns 203,258 shares of the companys stock valued at $2,531,000 after acquiring an additional 126,958 shares during the period. Institutional investors and hedge funds own 16.53% of the companys stock.

About Legacy Housing

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.

Legacy Housing (NASDAQ:LEGH) Cut to Sell at Zacks Investment Research – Mitchell Messenger

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