Leggett & Platt Inc. (LEG) Hits New 52-Week High at $53.37
Leggett & Platt Inc. (NYSE:LEG) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $53.37 and last traded at $53.21, with a volume of 186,769 shares. The stock had previously closed at $53.17.
Separately, Zacks Investment Research downgraded Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th.
The stock’s 50 day moving average price is $50.75 and its 200 day moving average price is $46.81. The firm has a market capitalization of $7.13 billion and a PE ratio of 22.01.
Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. The business had revenue of $938.40 million for the quarter, compared to the consensus estimate of $960.47 million. During the same period in the previous year, the company earned $0.50 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. Analysts forecast that Leggett & Platt Inc. will post $2.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Wednesday, June 15th were issued a dividend of $0.34 per share. This is a boost 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 2.56%. The ex-dividend date was Monday, June 13th.
In related news, Director Robert Ted Enloe III sold 4,103 shares of the company’s stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $49.00, for a total transaction of $201,047.00. Following the completion of the sale, the director now owns 37,398 shares in the company, valued at $1,832,502. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Scott S. Douglas sold 2,000 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $49.53, for a total value of $99,060.00. Following the sale, the senior vice president now owns 37,746 shares of the company’s stock, valued at approximately $1,869,559.38. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Leggett & Platt by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 524,703 shares of the company’s stock worth $22,050,000 after buying an additional 14,637 shares during the period. WBI Investments Inc. purchased a new stake in Leggett & Platt during the fourth quarter worth approximately $2,790,000. 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 during the period. 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 during the period. Finally, 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 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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