Rhumbline Advisers Increases Holdings in Legacy Housing Co. (NASDAQ:LEGH)

Rhumbline Advisers increased its stake in Legacy Housing Co. (NASDAQ:LEGH) by 13.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 17,796 shares of the company’s stock after buying an additional 2,152 shares during the quarter. Rhumbline Advisers’ holdings in Legacy Housing were worth $408,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Legacy Housing in the second quarter valued at $28,000. EntryPoint Capital LLC purchased a new position in shares of Legacy Housing in the first quarter valued at $45,000. BNP Paribas Financial Markets grew its position in shares of Legacy Housing by 79.0% in the first quarter. BNP Paribas Financial Markets now owns 5,708 shares of the company’s stock valued at $123,000 after purchasing an additional 2,520 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Legacy Housing in the first quarter valued at $245,000. Finally, Empowered Funds LLC grew its position in shares of Legacy Housing by 5.0% in the first quarter. Empowered Funds LLC now owns 36,902 shares of the company’s stock valued at $794,000 after purchasing an additional 1,767 shares in the last quarter. 89.35% of the stock is currently owned by hedge funds and other institutional investors.

Legacy Housing Price Performance

Legacy Housing stock opened at $27.51 on Friday. Legacy Housing Co. has a 52 week low of $17.67 and a 52 week high of $29.31. The business has a 50-day simple moving average of $26.82 and a 200 day simple moving average of $23.89. The company has a quick ratio of 3.41, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The stock has a market cap of $669.04 million, a price-to-earnings ratio of 12.98 and a beta of 1.08.

Legacy Housing (NASDAQ:LEGH) last posted its earnings results on Thursday, August 8th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.58 by $0.07. Legacy Housing had a return on equity of 12.25% and a net margin of 32.17%. The business had revenue of $42.50 million during the quarter, compared to analysts’ expectations of $46.35 million. During the same period in the previous year, the business earned $0.60 earnings per share. On average, research analysts forecast that Legacy Housing Co. will post 2.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Legacy Housing news, Chairman Curtis Drew Hodgson sold 13,387 shares of Legacy Housing stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $27.73, for a total transaction of $371,221.51. Following the completion of the sale, the chairman now owns 684,486 shares of the company’s stock, valued at $18,980,796.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 73,849 shares of company stock valued at $1,989,824 over the last 90 days. Insiders own 32.20% of the company’s stock.

Analysts Set New Price Targets

LEGH has been the subject of several recent research reports. B. Riley reiterated a “neutral” rating and issued a $29.00 price target (up from $25.00) on shares of Legacy Housing in a research report on Monday, August 12th. Wedbush restated an “outperform” rating and set a $29.00 target price on shares of Legacy Housing in a research report on Friday, August 9th. Finally, CJS Securities started coverage on Legacy Housing in a research report on Friday, June 7th. They set an “outperform” rating and a $33.00 target price for the company.

Legacy Housing Profile

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.