Leggett & Platt Inc. (LEG) Trading Down 0.8%
Leggett & Platt Inc. (NYSE:LEG) shares dropped 0.8% on Monday . The company traded as low as $52.45 and last traded at $52.46, with a volume of 245,486 shares changing hands. The stock had previously closed at $52.86.
A number of brokerages recently commented on LEG. Zacks Investment Research raised shares of Leggett & Platt from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a report on Tuesday, May 3rd. Hilliard Lyons downgraded shares of Leggett & Platt from a “neutral” rating to an “underperform” rating in a report on Friday, July 29th. Citigroup Inc. downgraded shares of Leggett & Platt to a “market perform” rating in a report on Monday, August 1st. Finally, Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Leggett & Platt in a report on Monday, August 1st.
The stock has a 50 day moving average of $52.18 and a 200 day moving average of $48.64. The stock has a market capitalization of $6.99 billion and a price-to-earnings ratio of 19.12.
Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. The firm earned $958.90 million during the quarter, compared to analyst estimates of $1,000 million. The company’s revenue was down 3.9% on a year-over-year basis. During the same quarter last year, the company posted $0.53 EPS. On average, analysts forecast that Leggett & Platt Inc. will post $2.52 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.60%.
In other Leggett & Platt news, CEO Karl G. Glassman sold 22,580 shares of the company’s stock in a transaction dated Friday, June 17th. The shares were sold at an average price of $50.07, for a total value of $1,130,580.60. Following the completion of the transaction, the chief executive officer now owns 475,937 shares in the company, valued at $23,830,165.59. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Matthew C. Flanigan sold 20,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 118,013 shares of the company’s stock, valued at approximately $6,019,843.13. The disclosure for this sale can be found here.
Other hedge funds recently added to or reduced their stakes in the company. Schroder Investment Management Group boosted its stake 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 in the last quarter. Wells Fargo & Company MN boosted its stake in 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 in the last quarter. Finally, Suntrust Banks Inc. boosted its stake in Leggett & Platt by 28.3% in the fourth quarter. Suntrust Banks Inc. now owns 38,976 shares of the company’s stock worth $1,636,000 after buying an additional 8,588 shares in 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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