Raymond James & Associates lowered its position in Leggett & Platt, Inc. (NYSE:LEG) by 3.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,694,970 shares of the company’s stock after selling 68,057 shares during the period. Raymond James & Associates’ holdings in Leggett & Platt were worth $71,562,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently made changes to their positions in LEG. Bank of New York Mellon Corp lifted its stake in Leggett & Platt by 27.7% in the fourth quarter. Bank of New York Mellon Corp now owns 5,805,887 shares of the company’s stock worth $208,083,000 after purchasing an additional 1,258,390 shares during the last quarter. Norges Bank purchased a new position in shares of Leggett & Platt during the fourth quarter worth approximately $40,824,000. Alps Advisors Inc. purchased a new position in shares of Leggett & Platt during the fourth quarter worth approximately $38,771,000. Oregon Public Employees Retirement Fund increased its position in shares of Leggett & Platt by 3,237.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,006,531 shares of the company’s stock worth $28,000 after acquiring an additional 976,369 shares during the period. Finally, BlackRock Inc. increased its position in shares of Leggett & Platt by 4.1% during the fourth quarter. BlackRock Inc. now owns 12,678,300 shares of the company’s stock worth $454,390,000 after acquiring an additional 499,242 shares during the period. 79.65% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Gabelli lowered shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Wednesday, February 6th. Finally, TheStreet raised shares of Leggett & Platt from a “c+” rating to a “b-” rating in a research report on Friday, March 1st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $44.67.
Shares of NYSE:LEG traded up $0.30 during trading on Thursday, reaching $38.03. 4,324 shares of the company were exchanged, compared to its average volume of 1,109,476. The firm has a market cap of $4.88 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 1.65 and a beta of 1.04. Leggett & Platt, Inc. has a 12-month low of $33.48 and a 12-month high of $46.71. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.13 and a current ratio of 1.91.
Leggett & Platt (NYSE:LEG) last issued its earnings results on Monday, April 29th. The company reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.03). The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Leggett & Platt had a return on equity of 28.02% and a net margin of 6.58%. The business’s revenue was up 12.3% compared to the same quarter last year. During the same period last year, the business posted $0.57 earnings per share. Equities research analysts predict that Leggett & Platt, Inc. will post 2.46 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.21%. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, June 13th. Leggett & Platt’s dividend payout ratio (DPR) is presently 61.29%.
In related news, SVP Russell J. Iorio sold 16,042 shares of Leggett & Platt stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $45.73, for a total transaction of $733,600.66. Following the transaction, the senior vice president now directly owns 71,149 shares of the company’s stock, valued at $3,253,643.77. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Scott S. Douglas sold 18,450 shares of Leggett & Platt stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $45.22, for a total transaction of $834,309.00. Following the transaction, the senior vice president now directly owns 51,187 shares in the company, valued at $2,314,676.14. The disclosure for this sale can be found here. Company insiders own 1.45% of the company’s stock.
About Leggett & Platt
Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through four segments: Residential Products, Furniture Products, Industrial Products, and Specialized Products. The Residential Products segment offers innersprings, wire forms, and machines to shape wire into various types of springs; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions, and geo components.
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