In a report released today, Alex Rygiel from B.Riley FBR reiterated a Buy rating on Legacy Housing Corp (LEGH), with a price target of $14. The company’s shares closed yesterday at $11.69.
Rygiel said:
“Last night, 5/13, after the close, Legacy Housing Corp. (LEGH) announced 1Q19 results that were in line to better than our expectations. On a Y/Y basis, 1Q19 comped against a very strong 1Q18 driven by one-time sales to FEMA. of FEMA sales in 1Q18, 1Q19 revenue grew 12.4% Y/Y . Demand and results improved each month of the quarter with good momentum into 2Q19. These results follow the company’s mid-April share repurchase authorization of $10M. Announced – Reiterate Buy, $14 PT. On April 17, LEGH repurchased 300K shares for $3.1M ($10.20/share). We believe the outlook for manufactured housing and LEGH remain positive largely driven by housing affordability concerns and pent up demand.”
According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 6.6% and a 55.6% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Tutor Perini Corp, and Quanta Services.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Legacy Housing Corp with a $14 average price target.
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The company has a one-year high of $14.99 and a one-year low of $8.93. Currently, Legacy Housing Corp has an average volume of 102.5K.
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Legacy Housing Corp. engages in the selling, building, and financing manufactured homes and tiny houses that are distributed through a network of independent retailers and company-owned stores and are sold directly to manufactured home communities.
