Legacy Housing (NASDAQ:LEGH) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of Legacy Housing (NASDAQ:LEGH) from a buy rating to a hold rating in a research note published on Wednesday, 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. “

Separately, B. Riley reiterated a neutral rating on shares of New York Community Bancorp in a research report on Wednesday, April 10th.

LEGH opened at $12.50 on Wednesday. Legacy Housing has a fifty-two week low of $8.93 and a fifty-two week high of $14.99. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.83 and a quick ratio of 1.09. The firm has a fifty day moving average price of $12.70.

Legacy Housing (NASDAQ:LEGH) last released its quarterly earnings data on Monday, May 13th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.07. The firm had revenue of $37.95 million during the quarter, compared to analysts’ expectations of $38.75 million. As a group, equities analysts anticipate that Legacy Housing will post 1.11 EPS for the current year.

In other news, Chairman Curtis Drew Hodgson sold 100,000 shares of Legacy Housing stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $12.98, for a total value of $1,298,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Douglas M. Shipley sold 5,113 shares of Legacy Housing stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $12.88, for a total transaction of $65,855.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,528 shares of company stock worth $1,742,805.

Several hedge funds and other institutional investors have recently made changes to their positions in LEGH. Northern Trust Corp acquired a new stake in shares of Legacy Housing in the fourth quarter valued at about $123,000. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Legacy Housing in the fourth quarter valued at about $1,850,000. Mesirow Financial Investment Management Inc. acquired a new position in Legacy Housing during the first quarter worth about $313,000. Spark Investment Management LLC acquired a new position in Legacy Housing during the first quarter worth about $210,000. Finally, Marshall Wace North America L.P. acquired a new position in Legacy Housing during the first quarter worth about $46,000. Institutional investors and hedge funds own 15.66% of the company’s 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.

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