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    Michael Legg

    Research Analyst at Ladenburg Thalmann & Co. Inc.

    Michael Legg is Managing Director, Equity Research at Ladenburg Thalmann & Co. Inc., specializing in small-cap growth companies with a primary focus on the Industrial Goods sector. He covers 27 stocks including notable names such as GrowGeneration and has achieved a 40% success rate on 98 ratings with an average return of 9.3%, ranking #2,543 out of nearly 10,000 Wall Street analysts as of 2025. Legg began his research career at Massachusetts Financial Services before holding senior analyst roles at Alex. Brown, Jefferies & Co., and Prudential Securities, and gained buy-side and C-suite experience at Grand Slam Asset Management and Voyager Digital, respectively, joining Ladenburg in April 2025. He holds an MBA in Finance from Babson College, a BA from Northeastern University, and possesses over 35 years of industry experience spanning equity research, asset management, and communications.

    Michael Legg's questions to CPS TECHNOLOGIES CORP/DE/ (CPSH) leadership

    Michael Legg's questions to CPS TECHNOLOGIES CORP/DE/ (CPSH) leadership • Q2 2025

    Question

    Michael Legg of Ladenburg Thalmann & Co. Inc. inquired about CPS Technologies' visibility into future revenues, the composition of its sales pipeline, and the typical sales cycle.

    Answer

    CEO & President Brian Mackey explained that the company's revenue visibility averages four to six months. He noted that customer ordering cycles vary, with some placing orders just a couple of months out, others in a four-to-six-month window, and a few up to a year in advance. Mackey confirmed that strong demand has continued throughout the year.

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    Michael Legg's questions to Aqua Metals (AQMS) leadership

    Michael Legg's questions to Aqua Metals (AQMS) leadership • Q1 2025

    Question

    Michael Frederick Legg, Jr. of The Benchmark Company inquired about the strategic rationale for selling the Sierra ARC facility, the resulting financial runway, and the company's pivot towards co-locating new facilities. He also asked about the impact of macro trends like tariffs on customer demand, the drivers behind the product line expansion into LFP recycling, and the current status of discussions with U.S. government agencies.

    Answer

    Executive Stephen Cotton explained that selling the Sierra ARC is a pragmatic move to adapt to market conditions, saving $100,000 per month, retiring all debt, and providing flexibility to build near partners. He noted that while policy uncertainty exists, it has spurred a significant increase in partnership discussions. Mr. Cotton also detailed that product expansions are driven by both market responsiveness to partner needs and a focus on optimizing plant economics to ensure profitability. Regarding government talks, he confirmed active engagement with agencies like the DOD and DOE but advised that clarity on funding support may take a few more months. CFO Judd Merrill added that proceeds from the asset sale above the $3 million debt would directly increase the company's cash runway.

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    Michael Legg's questions to MOVADO GROUP (MOV) leadership

    Michael Legg's questions to MOVADO GROUP (MOV) leadership • Q3 2025

    Question

    Michael Legg of The Benchmark Company inquired about the strategy for the new $50 million stock buyback plan and the historical indicators for a rebound in retail inventory purchasing.

    Answer

    Chairman and CEO Efraim Grinberg stated that the stock buyback is currently focused on offsetting dilution but could become more active as cash generation improves. He noted that retail inventories are at historic lows and typically rebound as the economy improves and retailers see lost sales, though the growth of e-commerce has slightly altered this dynamic.

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    Michael Legg's questions to MOVADO GROUP (MOV) leadership • Q2 2025

    Question

    Michael Legg of The Benchmark Company inquired about Movado's competitive positioning, the geographic scope of the new media campaign, the performance of the jewelry segment, assumptions behind the financial guidance, and the criteria for a more aggressive share buyback program.

    Answer

    Efraim Grinberg, Chairman and CEO, explained that while the overall watch category is challenging, Movado has gained share in the fashion watch segment and is seeing growth in markets like India and Latin America. He clarified the new Movado campaign is primarily for North America but will have some international presence. Grinberg noted that the jewelry business is outperforming watches and that the share buyback strategy is contingent on broader market confidence rather than a specific stock price.

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    Michael Legg's questions to Turning Point Brands (TPB) leadership

    Michael Legg's questions to Turning Point Brands (TPB) leadership • Q3 2024

    Question

    Michael Legg of The Benchmark Company asked about the expected sales mix for the 'Free' brand's new lower nicotine strengths, potential supply chain limitations versus account acquisition challenges, and the comparative revenue opportunity of the alternative channel versus traditional retail.

    Answer

    Executive Summer Frein noted that the new 3mg and 6mg 'Free' products target nearly 70% of the category's volume and early results are encouraging and incremental. CEO Graham Purdy stated that manufacturing capacity is not a constraint, with the main challenge being the long cycle times for chain store onboarding. Summer Frein also clarified that the total addressable market and profit opportunity in the alternative channel is considered as large, if not larger, than the traditional convenience channel.

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    Michael Legg's questions to HAVERTY FURNITURE COMPANIES (HVT) leadership

    Michael Legg's questions to HAVERTY FURNITURE COMPANIES (HVT) leadership • Q3 2024

    Question

    Michael Legg of The Benchmark Company inquired about the potential long-term demand impact from recent hurricanes and how the current weak consumer environment affects Havertys' store growth strategy.

    Answer

    President Steven Burdette stated that the company anticipates a sales lift from post-hurricane rebuilding, likely beginning in 3 to 6 months, with Florida expected to recover faster than other areas. Chairman and CEO Clarence Smith affirmed that the company is not altering its plan to open five to six stores annually, emphasizing that Houston remains the top priority for expansion.

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    Michael Legg's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership

    Michael Legg's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q1 2025

    Question

    Michael Legg sought clarification on the new acquisition's growth potential versus conservative guidance, inquired about customer concentration, asked about potential for EBITDA margin expansion, and questioned the dynamics between the electronics order book and pipeline.

    Answer

    CEO David Dunbar stated the 'mid-teens' growth forecast for the acquisition is intentionally conservative and will be updated. He confirmed there is no significant customer concentration and that margin expansion will come from operating leverage on growth, not cost synergies. CFO Ademir Sarcevic added that Electronics orders hit a one-year high at $75 million, supporting cautious optimism for a second-half recovery.

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    Michael Legg's questions to GOEV leadership

    Michael Legg's questions to GOEV leadership • Q2 2024

    Question

    Inquired about the current state of the supply chain, the potential timing for announcing delivery schedules, and whether the current low levels of R&D and SG&A expenses are sustainable.

    Answer

    The supply chain is being re-harmonized following a strategic shift, with a recent supplier event helping to align partners. Capital will be deployed into the supply chain once high-volume customer specs are finalized. Delivery schedules will be announced at the discretion of customers, with some news expected in the current quarter. The company will remain disciplined on spending, though levels may vary slightly with capital inflows, as the focus is on efficient deployment.

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