Leggett & Platt Inc. (LEG) Shares Down 4.3%
Leggett & Platt Inc. (NYSE:LEG)’s share price was down 4.3% during trading on Friday . The company traded as low as $52.17 and last traded at $52.20, with a volume of 1,350,306 shares traded. The stock had previously closed at $54.53.
A number of equities analysts have commented on LEG shares. Zacks Investment Research raised shares of Leggett & Platt from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Tuesday, May 3rd. Hilliard Lyons downgraded shares of Leggett & Platt from a “neutral” rating to an “underperform” rating in a research note on Friday.
The company has a market capitalization of $7.06 billion and a price-to-earnings ratio of 21.79. The firm’s 50 day moving average price is $51.41 and its 200 day moving average price is $47.42.
Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.04. During the same period last year, the company earned $0.53 earnings per share. The company had revenue of $958.90 million for the quarter, compared to analyst estimates of $1,000 million. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Leggett & Platt Inc. will post $2.52 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Wednesday, June 15th were paid a dividend of $0.34 per share. The ex-dividend date was Monday, June 13th. This is an increase from Leggett & Platt’s previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.59%.
In other news, CEO Karl G. Glassman sold 22,580 shares of the company’s stock in a transaction on Friday, June 17th. The shares were sold at an average price of $50.07, for a total transaction of $1,130,580.60. Following the transaction, the chief executive officer now directly owns 475,937 shares of the company’s stock, valued at approximately $23,830,165.59. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Matthew C. Flanigan sold 20,000 shares of the company’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $51.01, for a total transaction of $1,020,200.00. Following the transaction, the chief financial officer now directly owns 118,013 shares in the company, valued at $6,019,843.13. The disclosure for this sale can be found here.
Several institutional investors recently bought and sold shares of LEG. Schroder Investment Management Group boosted its position in Leggett & Platt by 81.7% in the fourth quarter. Schroder Investment Management Group now owns 632,773 shares of the company’s stock worth $26,589,000 after buying an additional 284,427 shares during the period. Vanguard Group Inc. boosted its stake in shares of Leggett & Platt by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 14,341,549 shares of the company’s stock worth $602,633,000 after buying an additional 281,926 shares during the last quarter. WBI Investments Inc. acquired a new stake in shares of Leggett & Platt during the fourth quarter worth approximately $2,790,000. New York State Common Retirement Fund boosted its stake in shares of Leggett & Platt by 15.9% in the fourth quarter. New York State Common Retirement Fund now owns 428,000 shares of the company’s stock worth $17,985,000 after buying an additional 58,740 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Leggett & Platt by 2.4% in the fourth quarter. Wells Fargo & Company MN now owns 794,903 shares of the company’s stock worth $33,402,000 after buying an additional 18,563 shares during the last quarter.
Leggett & Platt, Incorporated is a manufacturer of engineered components and products found in homes, offices, automobiles and commercial aircraft. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products. The Residential Furnishings segment manufactures steel coiled bedsprings.
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