Short Interest in Legacy Housing Co. (NASDAQ:LEGH) Expands By 13.8%

Legacy Housing Co. (NASDAQ:LEGH) was the recipient of a significant increase in short interest in the month of August. As of August 15th, there was short interest totalling 494,300 shares, an increase of 13.8% from the July 31st total of 434,300 shares. Based on an average trading volume of 64,200 shares, the short-interest ratio is presently 7.7 days. Currently, 4.8% of the shares of the stock are sold short.

Legacy Housing Stock Up 1.7 %

Shares of LEGH traded up $0.45 during mid-day trading on Friday, reaching $26.96. The company’s stock had a trading volume of 25,807 shares, compared to its average volume of 50,990. The company has a market cap of $655.67 million, a price-to-earnings ratio of 12.72 and a beta of 1.06. The business has a fifty day moving average of $25.42 and a 200 day moving average of $23.63. The company has a quick ratio of 3.41, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. Legacy Housing has a 1 year low of $17.67 and a 1 year high of $29.31.

Legacy Housing (NASDAQ:LEGH) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.65 earnings per share (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 firm had revenue of $42.50 million during the quarter, compared to the consensus estimate of $46.35 million. During the same period in the prior year, the business earned $0.60 EPS. As a group, analysts forecast that Legacy Housing will post 2.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Curtis Drew Hodgson sold 13,387 shares of Legacy Housing stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $27.73, for a total value of $371,221.51. Following the transaction, the chairman now owns 684,486 shares of the company’s stock, valued at approximately $18,980,796.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 32.20% of the stock is owned by corporate insiders.

Institutional Trading of Legacy Housing

Several institutional investors have recently made changes to their positions in the stock. Premier Path Wealth Partners LLC boosted its position in Legacy Housing by 2.3% during the second quarter. Premier Path Wealth Partners LLC now owns 47,783 shares of the company’s stock valued at $1,096,000 after purchasing an additional 1,083 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Legacy Housing in the 2nd quarter valued at approximately $28,000. Gabelli Funds LLC grew its stake in shares of Legacy Housing by 3.5% in the 4th quarter. Gabelli Funds LLC now owns 47,327 shares of the company’s stock valued at $1,194,000 after buying an additional 1,600 shares in the last quarter. Empowered Funds LLC increased its holdings in Legacy Housing by 5.0% in the first quarter. Empowered Funds LLC now owns 36,902 shares of the company’s stock worth $794,000 after buying an additional 1,767 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Legacy Housing by 1.1% during the second quarter. American Century Companies Inc. now owns 180,736 shares of the company’s stock valued at $4,146,000 after acquiring an additional 2,014 shares in the last quarter. 89.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $29.00 target price on shares of Legacy Housing in a research report on Friday, August 9th. B. Riley reaffirmed a “neutral” rating and set a $29.00 price objective (up from $25.00) on shares of Legacy Housing in a research note on Monday, August 12th. Finally, CJS Securities began coverage on shares of Legacy Housing in a report on Friday, June 7th. They issued an “outperform” rating and a $33.00 target price for the company.

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.