Oak Ridge Finl. Reaffirms “Buy” Rating for Legacy Housing (NASDAQ:LEGH)

Oak Ridge Finl. reaffirmed their buy rating on shares of Legacy Housing (NASDAQ:LEGH) in a report published on Thursday morning, Zacks.com reports.

Separately, Zacks Investment Research cut Legacy Housing from a buy rating to a hold rating in a research note on Wednesday, July 17th.

NASDAQ:LEGH opened at $12.94 on Thursday. The company has a current ratio of 1.93, a quick ratio of 1.09 and a debt-to-equity ratio of 0.03. Legacy Housing has a one year low of $8.93 and a one year high of $14.99. The business’s 50-day simple moving average is $12.68 and its 200 day simple moving average is $12.72.

Legacy Housing (NASDAQ:LEGH) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.04. The business had revenue of $45.76 million during the quarter, compared to analyst estimates of $42.84 million. Sell-side analysts forecast that Legacy Housing will post 1.22 earnings per share for the current year.

In other Legacy Housing news, Chairman Curtis Drew Hodgson sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $12.98, for a total transaction of $1,298,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder William G. Shipley sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $12.87, for a total value of $51,480.00. The disclosure for this sale can be found here. Insiders have sold 235,345 shares of company stock worth $3,057,088 in the last 90 days.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace North America L.P. acquired a new stake in Legacy Housing in the first quarter worth $46,000. Wells Fargo & Company MN acquired a new position in shares of Legacy Housing during the second quarter valued at $104,000. Northern Trust Corp acquired a new position in shares of Legacy Housing during the fourth quarter valued at $123,000. Bank of New York Mellon Corp boosted its holdings in shares of Legacy Housing by 8.1% during the second quarter. Bank of New York Mellon Corp now owns 14,330 shares of the company’s stock valued at $179,000 after acquiring an additional 1,072 shares during the period. Finally, Spark Investment Management LLC acquired a new position in shares of Legacy Housing during the first quarter valued at $210,000. Hedge funds and other institutional investors own 17.22% of the company’s stock.

Legacy Housing Company Profile

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.

Further Reading: Cost of Capital Explained

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