Leggett & Platt Inc. (LEG) Stake Lowered by Tufton Capital Management
Tufton Capital Management lowered its position in Leggett & Platt Inc. (NYSE:LEG) by 5.5% during the second quarter, Holdings Channel reports. The institutional investor owned 53,251 shares of the company’s stock after selling 3,085 shares during the period. Tufton Capital Management’s holdings in Leggett & Platt were worth $2,722,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of LEG. TNB Financial purchased a new position in shares of Leggett & Platt during the second quarter valued at $204,000. Investment Centers of America Inc. raised its position in shares of Leggett & Platt by 20.1% in the first quarter. Investment Centers of America Inc. now owns 6,111 shares of the company’s stock valued at $296,000 after buying an additional 1,023 shares during the period. HL Financial Services LLC raised its position in shares of Leggett & Platt by 3.5% in the second quarter. HL Financial Services LLC now owns 6,143 shares of the company’s stock valued at $314,000 after buying an additional 210 shares during the period. Bayesian Capital Management LP purchased a new position in shares of Leggett & Platt during the first quarter valued at $305,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Leggett & Platt during the first quarter valued at $315,000. 66.43% of the stock is currently owned by institutional investors.
Shares of Leggett & Platt Inc. (NYSE:LEG) traded up 2.10% during mid-day trading on Wednesday, reaching $49.53. The company had a trading volume of 886,521 shares. Leggett & Platt Inc. has a 52-week low of $36.64 and a 52-week high of $54.63. The company’s 50-day moving average is $51.47 and its 200 day moving average is $50.06. The stock has a market capitalization of $6.62 billion, a P/E ratio of 18.12 and a beta of 0.97.
Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.04. The firm had revenue of $958.90 million for the quarter, compared to analyst estimates of $1,000 million. Leggett & Platt had a net margin of 10.03% and a return on equity of 33.71%. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 earnings per share. Analysts anticipate that Leggett & Platt Inc. will post $2.52 EPS for the current fiscal year.
The firm also recently declared 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. The ex-dividend date is Tuesday, September 13th. This represents a $1.36 annualized dividend and a yield of 2.75%. Leggett & Platt’s dividend payout ratio (DPR) is 49.64%.
Several brokerages recently weighed in on LEG. Zacks Investment Research lowered Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Leggett & Platt in a research report on Monday, August 1st. Citigroup Inc. lowered Leggett & Platt to a “market perform” rating in a research report on Monday, August 1st. Finally, Hilliard Lyons lowered Leggett & Platt from a “neutral” rating to an “underperform” rating in a research report on Friday, July 29th.
In other Leggett & Platt news, Director Judy C. Odom sold 5,000 shares of Leggett & Platt stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $52.51, for a total value of $262,550.00. Following the transaction, the director now owns 58,557 shares in the company, valued at $3,074,828.07. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Dennis S. Park sold 3,000 shares of Leggett & Platt stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $52.48, for a total transaction of $157,440.00. Following the completion of the transaction, the insider now owns 276,697 shares in the company, valued at approximately $14,521,058.56. The disclosure for this sale can be found here. 3.92% of the stock is currently owned by company insiders.
Leggett & Platt Company Profile
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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