Curtis Drew Hodgson, a director and significant shareholder of Legacy Housing Corp (NASDAQ:LEGH), a company currently valued at nearly $600 million with strong profitability metrics including a 50% gross margin, reported the sale of 17,300 shares of common stock, amounting to $423,677. The shares were sold at an average price of $24.49 each. Following this transaction, Hodgson holds 422,022 shares directly. Additionally, he maintains indirect ownership interests through various entities, including Hodgson Ventures, Hodgson 2015 Grandchild's Trust, and Cusach, Inc., with respective holdings of 1,000,000, 2,669,056, and 100,000 shares. The stock sale was executed under a pre-established 10b5-1 trading plan. According to InvestingPro, LEGH maintains a "GOOD" financial health score and operates with minimal debt, with a comprehensive analysis available in the Pro Research Report.
In other recent news, Legacy Housing Corporation (NASDAQ:LEGH) has reported several noteworthy developments. The company's Q3 2024 earnings showed mixed results, with product sales decreasing by $6.8 million (18.3%), while interest income from consumer loans increased by $1.5 million (17.3%). Net income also saw a slight decrease of 1.8% to $15.8 million, and earnings per share fell by $0.01 (1.5%).
In addition to financial updates, Legacy Housing Corporation also held its Annual Shareholders' Meeting, where shareholders approved the executive pay and elected five directors. The directors, including Curtis D. Hodgson and Kenneth E. Shipley, received majority votes in their favor. The shareholders also expressed preference for a triennial schedule for future "Say on Pay" votes.
Further, Legacy Housing Corporation announced the appointment of Skyler M. Howton, a seasoned Dallas-based attorney, as a new independent director to its Board. Howton will serve on various committees, including the Audit Committee and the Compensation Committee.
The company also sold excess land for $2.7 million and is currently developing 1,100 pads near Austin, Texas. These developments are part of the corporation's strategic plans to enhance its business operations. Despite recent challenges, 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 in Q4 2024.
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