Leggett & Platt Inc. (LEG) Trading Down 4.3%
Leggett & Platt Inc. (NYSE:LEG) traded down 4.3% during mid-day 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 trading hands. The stock had previously closed at $54.53.
A number of brokerages have weighed in on LEG. Hilliard Lyons lowered Leggett & Platt from a “neutral” rating to an “underperform” rating in a research note on Friday. Zacks Investment Research lowered Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Tuesday, April 5th.
The firm has a 50-day moving average price of $51.46 and a 200 day moving average price of $47.51. The firm has a market cap of $7.24 billion and a P/E ratio of 19.23.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. The business had revenue of $958.90 million for the quarter, compared to the consensus estimate of $1,000 million. During the same period last year, the firm posted $0.53 EPS. The business’s quarterly revenue was down 3.9% on a year-over-year basis. On average, equities research analysts expect that Leggett & Platt Inc. will post $2.52 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Wednesday, June 15th were paid a dividend of $0.34 per share. This is a boost from Leggett & Platt’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Monday, June 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.59%.
In related news, CEO Karl G. Glassman sold 22,580 shares of the firm’s stock in a transaction that occurred 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 owns 475,937 shares in the company, valued at $23,830,165.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott S. Douglas sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $49.53, for a total transaction of $99,060.00. Following the transaction, the senior vice president now owns 37,746 shares in the company, valued at approximately $1,869,559.38. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have bought and sold shares of the company. WBI Investments Inc. acquired a new position in Leggett & Platt during the fourth quarter valued at about $2,790,000. Suntrust Banks Inc. raised its position in Leggett & Platt by 28.3% in the fourth quarter. Suntrust Banks Inc. now owns 38,976 shares of the company’s stock valued at $1,636,000 after buying an additional 8,588 shares during the period. Schroder Investment Management Group raised 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 valued at $26,589,000 after buying an additional 284,427 shares during the period. Wells Fargo & Company MN raised its position in Leggett & Platt by 2.4% in the fourth quarter. Wells Fargo & Company MN now owns 794,903 shares of the company’s stock valued at $33,402,000 after buying an additional 18,563 shares during the period. Finally, Gulf International Bank UK Ltd raised its position in Leggett & Platt by 1.0% in the fourth quarter. Gulf International Bank UK Ltd now owns 43,385 shares of the company’s stock valued at $1,823,000 after buying an additional 450 shares during the period.
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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