Curtis Drew Hodgson, Chairman of the Board at Legacy Housing Corp (NASDAQ:LEGH), recently executed a stock transaction involving the sale of 11,300 shares of common stock. The shares were sold at an average price of $25.64 per share, amounting to a total sale value of approximately $289,732.
Following this transaction, Hodgson holds 514,522 shares directly. Additionally, he maintains indirect ownership of shares through various entities, including Hodgson Ventures, Hodgson 2015 Grandchild's Trust, and Cusach, Inc. These indirect holdings include 1,000,000 shares, 2,669,056 shares, and 100,000 shares, respectively.
The sale was executed under a pre-established 10b5-1 trading plan dated May 15, 2024, which allows insiders to set up a predetermined plan to sell shares at a later date.
In other recent news, Legacy Housing Corporation (NASDAQ:LEGH) has reported mixed results for Q3 2024. The mobile homes manufacturer noted a decrease in product sales of $6.8 million (18.3%) but saw an increase in interest income from consumer loans by $1.5 million (17.3%). The company's net income also decreased by 1.8% to $15.8 million, and earnings per share fell by $0.01 (1.5%). Despite these results, the company maintains an optimistic outlook for future sales and production improvements, with a significant backlog of orders extending into Q1 2025 and plans to increase production rates in Q4 2024.
In addition to the financial results, Legacy Housing announced the appointment of Skyler M. Howton as a new independent director to its Board. Ms. Howton, a seasoned Dallas-based attorney, will serve on various committees and brings over a decade of legal experience, particularly in litigation management and product liability claims.
In other developments, the company has sold excess land for $2.7 million and is currently developing 1,100 pads near Austin. As part of its strategic plans, Legacy Housing is opening new dealerships and focusing on adding independent dealers in strategic locations. These are among the recent developments for Legacy Housing Corporation.
InvestingPro Insights
To provide additional context to Curtis Drew Hodgson's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for Legacy Housing Corp (NASDAQ:LEGH).
Despite the recent insider sale, Legacy Housing Corp maintains a relatively strong financial position. According to InvestingPro data, the company has a market capitalization of $608.79 million and a price-to-earnings (P/E) ratio of 11.3, suggesting it may be reasonably valued compared to its earnings.
InvestingPro Tips highlight that Legacy Housing operates with a moderate level of debt and has liquid assets exceeding short-term obligations. This financial stability could provide the company with flexibility in its operations and potential for future growth.
However, it's worth noting that 4 analysts have revised their earnings downwards for the upcoming period, and analysts anticipate a sales decline in the current year. This aligns with the company's recent revenue growth of -29.12% over the last twelve months, which investors should monitor closely.
On a positive note, Legacy Housing has been profitable over the last twelve months, with a gross profit margin of 50.17% and an operating income margin of 35.32%. These figures indicate that the company has maintained strong profitability despite challenging market conditions.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. There are 5 more InvestingPro Tips available for Legacy Housing, which could provide valuable information for those considering an investment in the company.
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