Lake Street Capital Begins Coverage on Legacy Housing (NASDAQ:LEGH)

Lake Street Capital initiated coverage on shares of Legacy Housing (NASDAQ:LEGH) in a research report sent to investors on Tuesday, BenzingaRatingsTable reports. The brokerage issued a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Oak Ridge Finl. reaffirmed a buy rating on shares of Legacy Housing in a report on Thursday, August 15th. Zacks Investment Research raised shares of Legacy Housing from a hold rating to a buy rating and set a $14.00 target price on the stock in a report on Saturday, August 17th.

LEGH opened at $16.47 on Tuesday. The firm’s 50-day simple moving average is $13.82 and its 200-day simple moving average is $12.83. The company has a quick ratio of 0.79, a current ratio of 1.93 and a debt-to-equity ratio of 0.03. Legacy Housing has a twelve month low of $8.93 and a twelve month high of $17.40.

Legacy Housing (NASDAQ:LEGH) last posted its earnings results on Tuesday, August 13th. The company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.04. The firm had revenue of $45.76 million during the quarter, compared to the consensus estimate of $42.84 million. Equities analysts expect that Legacy Housing will post 1.22 earnings per share for the current fiscal year.

In related news, CEO Kenneth E. Shipley sold 4,286 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $12.93, for a total transaction of $55,417.98. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder William G. Shipley sold 4,130 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $12.91, for a total transaction of $53,318.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 178,179 shares of company stock worth $2,309,124.

A number of hedge funds and other institutional investors have recently modified their holdings of LEGH. Spark Investment Management LLC acquired a new position in Legacy Housing during the 1st quarter worth about $210,000. Marshall Wace North America L.P. acquired a new position in Legacy Housing during the 1st quarter valued at about $46,000. Gabelli Funds LLC lifted its position in Legacy Housing by 22.2% during the 2nd quarter. Gabelli Funds LLC now owns 20,400 shares of the company’s stock valued at $254,000 after purchasing an additional 3,700 shares during the period. Teton Advisors Inc. lifted its position in Legacy Housing by 21.3% during the 2nd quarter. Teton Advisors Inc. now owns 49,500 shares of the company’s stock valued at $616,000 after purchasing an additional 8,700 shares during the period. Finally, Wells Fargo & Company MN acquired a new position in Legacy Housing during the 2nd quarter valued at about $104,000. Institutional investors and hedge funds own 16.42% 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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