Legacy Housing (NASDAQ:LEGH) Shares Up 6.1% Following Strong Earnings

Legacy Housing Co. (NASDAQ:LEGH) shot up 6.1% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $22.80 and last traded at $22.43. 50,611 shares were traded during mid-day trading, a decline of 26% from the average session volume of 68,276 shares. The stock had previously closed at $21.14.

The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. Legacy Housing had a net margin of 28.79% and a return on equity of 12.99%. The firm had revenue of $43.24 million during the quarter, compared to analysts’ expectations of $38.07 million. During the same period last year, the business earned $0.65 earnings per share.

Wall Street Analysts Forecast Growth

Separately, Wedbush cut their target price on shares of Legacy Housing from $31.00 to $25.00 and set an “outperform” rating on the stock in a report on Tuesday, March 19th.

Insider Buying and Selling

In other Legacy Housing news, EVP Kenneth E. Shipley sold 34,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $24.40, for a total value of $829,600.00. Following the transaction, the executive vice president now directly owns 2,892,610 shares in the company, valued at approximately $70,579,684. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman Curtis Drew Hodgson sold 17,400 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $25.57, for a total transaction of $444,918.00. Following the completion of the transaction, the chairman now owns 784,773 shares of the company’s stock, valued at approximately $20,066,645.61. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kenneth E. Shipley sold 34,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $24.40, for a total transaction of $829,600.00. Following the completion of the transaction, the executive vice president now owns 2,892,610 shares in the company, valued at approximately $70,579,684. The disclosure for this sale can be found here. Insiders have sold 131,175 shares of company stock worth $3,259,339 in the last three months. Corporate insiders own 32.20% of the company’s stock.

Institutional Trading of Legacy Housing

A number of hedge funds have recently made changes to their positions in LEGH. AWH Capital L.P. grew its position in shares of Legacy Housing by 71.3% during the third quarter. AWH Capital L.P. now owns 225,000 shares of the company’s stock worth $4,367,000 after buying an additional 93,630 shares in the last quarter. Cerity Partners LLC acquired a new stake in shares of Legacy Housing during the fourth quarter worth approximately $1,872,000. ABS Direct Equity Fund LLC acquired a new stake in shares of Legacy Housing during the fourth quarter worth approximately $1,261,000. Voss Capital LLC boosted its holdings in Legacy Housing by 6.4% in the fourth quarter. Voss Capital LLC now owns 830,000 shares of the company’s stock worth $20,933,000 after purchasing an additional 50,000 shares during the period. Finally, Premier Path Wealth Partners LLC acquired a new position in Legacy Housing in the fourth quarter worth $1,220,000. Hedge funds and other institutional investors own 89.35% of the company’s stock.

Legacy Housing Trading Up 6.5 %

The stock has a market cap of $549.51 million, a price-to-earnings ratio of 9.74 and a beta of 0.95. The business’s fifty day simple moving average is $21.64 and its 200 day simple moving average is $22.59. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.89 and a quick ratio of 2.00.

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.