Curtis Drew Hodgson, Chairman of the Board at Legacy Housing Corp (NASDAQ:LEGH), a company currently valued at $622 million and trading with a P/E ratio of 11.5, sold 17,300 shares of the company's common stock on December 9, 2024. The shares were sold at a weighted average price of $25.42 per share, resulting in a total transaction value of approximately $439,766. Following the sale, Hodgson directly owns 456,622 shares of Legacy Housing Corp. Additionally, he maintains indirect ownership through various entities, including Hodgson Ventures, Hodgson 2015 Grandchild's Trust, and Cusach, Inc., totaling over 3.7 million shares. The shares were sold under a pre-arranged 10b5-1 trading plan dated May 15, 2024. According to InvestingPro data, the company maintains strong financial health with a current ratio of 3.47 and operates with minimal debt. InvestingPro analysis shows the stock is trading near its Fair Value, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, Legacy Housing Corporation (NASDAQ:LEGH) reported mixed results for Q3 2024, with a decrease in product sales of $6.8 million (18.3%), but an increase in interest income from consumer loans by $1.5 million (17.3%). 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 corporation remains optimistic about future sales and production improvements, with a significant backlog of orders extending into Q1 2025 and plans to increase production rates.
Legacy Housing shareholders have approved executive pay and elected five directors, including Curtis D. Hodgson and Kenneth E. Shipley, who received majority votes in their favor. Kenneth E. Shipley was elected as Chairman of the Board of Directors. The company also appointed Skyler M. Howton, a seasoned Dallas-based attorney, as a new independent director to its Board. Ms. Howton will serve on the Audit Committee, the Nominations and Corporate Governance Committee, and the Compensation Committee.
Finally, the corporation sold excess land for $2.7 million and is currently developing 1,100 pads near Austin, Texas. As part of its strategic plans, Legacy Housing is opening new dealerships and focusing on adding independent dealers in strategic locations. These are some of the recent developments in the corporation's business operations.
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