Wedbush Has Weak Outlook for Legacy Housing FY2024 Earnings

Legacy Housing Co. (NASDAQ:LEGH - Free Report) - Investment analysts at Wedbush dropped their FY2024 earnings per share (EPS) estimates for shares of Legacy Housing in a research report issued to clients and investors on Wednesday, November 13th. Wedbush analyst J. Mccanless now expects that the company will earn $2.54 per share for the year, down from their prior estimate of $2.75. Wedbush currently has a "Outperform" rating and a $29.00 price objective on the stock. The consensus estimate for Legacy Housing's current full-year earnings is $2.47 per share. Wedbush also issued estimates for Legacy Housing's Q4 2024 earnings at $0.64 EPS, Q1 2025 earnings at $0.65 EPS, Q2 2025 earnings at $0.66 EPS, Q3 2025 earnings at $0.65 EPS, Q4 2025 earnings at $0.67 EPS, FY2025 earnings at $2.63 EPS and FY2026 earnings at $2.73 EPS.

Separately, B. Riley reissued a "neutral" rating and issued a $29.00 target price (up from $25.00) on shares of Legacy Housing in a research note on Monday, August 12th.

Legacy Housing Stock Down 1.5 %

Shares of LEGH stock traded down $0.39 during trading hours on Monday, hitting $25.50. 97,671 shares of the company's stock traded hands, compared to its average volume of 64,525. The stock has a market cap of $616.03 million, a price-to-earnings ratio of 11.81 and a beta of 1.09. The stock's fifty day simple moving average is $26.69 and its two-hundred day simple moving average is $25.25. Legacy Housing has a 12-month low of $19.42 and a 12-month high of $29.31.

Institutional Investors Weigh In On Legacy Housing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in shares of Legacy Housing by 17.8% during the 3rd quarter. Geode Capital Management LLC now owns 269,325 shares of the company's stock valued at $7,367,000 after buying an additional 40,729 shares during the period. ABS Direct Equity Fund LLC increased its position in Legacy Housing by 3.3% during the third quarter. ABS Direct Equity Fund LLC now owns 50,000 shares of the company's stock valued at $1,368,000 after acquiring an additional 1,574 shares during the last quarter. Barclays PLC lifted its holdings in Legacy Housing by 294.1% in the third quarter. Barclays PLC now owns 17,338 shares of the company's stock valued at $474,000 after acquiring an additional 12,939 shares during the period. State Street Corp boosted its position in Legacy Housing by 5.9% in the third quarter. State Street Corp now owns 207,972 shares of the company's stock worth $5,688,000 after purchasing an additional 11,599 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in shares of Legacy Housing during the 3rd quarter valued at about $3,211,000. Hedge funds and other institutional investors own 89.35% of the company's stock.

Insider Activity at Legacy Housing

In other news, Chairman Curtis Drew Hodgson sold 17,300 shares of the firm's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $25.65, for a total transaction of $443,745.00. Following the sale, the chairman now owns 665,141 shares of the company's stock, valued at $17,060,866.65. This trade represents a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 150,495 shares of company stock valued at $4,026,419. 30.60% of the stock is owned by corporate insiders.

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.