Leggett & Platt Inc. (LEG) Reaches New 12-Month High at $53.74
Leggett & Platt Inc. (NYSE:LEG) hit a new 52-week high on Tuesday . The stock traded as high as $53.74 and last traded at $53.70, with a volume of 222,834 shares changing hands. The stock had previously closed at $53.49.
Separately, 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 research report on Tuesday, May 3rd.
The company has a market capitalization of $7.25 billion and a price-to-earnings ratio of 22.38. The company has a 50-day moving average of $51.31 and a 200 day moving average of $47.37.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Thursday, April 28th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.08. The company had revenue of $938.40 million for the quarter, compared to the consensus estimate of $960.47 million. During the same quarter in the previous year, the business earned $0.50 EPS. The company’s quarterly revenue was down 2.9% on a year-over-year basis. Equities research analysts predict that Leggett & Platt Inc. will post $2.52 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Wednesday, June 15th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Monday, June 13th. This is an increase from Leggett & Platt’s previous quarterly dividend of $0.32.
In other news, CEO Karl G. Glassman sold 22,580 shares of Leggett & Platt 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 sale, 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 SEC, which is available at this link. Also, SVP Dennis S. Park sold 2,000 shares of Leggett & Platt stock in a transaction that occurred on Thursday, May 26th. The shares were sold at an average price of $49.51, for a total transaction of $99,020.00. Following the sale, the senior vice president now owns 280,679 shares in the company, valued at approximately $13,896,417.29. The disclosure for this sale can be found here.
A number of large investors have made changes to their positions in LEG. Gulf International Bank UK Ltd boosted its stake in shares of 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 in the last quarter. 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 valued at $33,402,000 after buying an additional 18,563 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Leggett & Platt by 5.8% in the fourth quarter. Sei Investments Co. now owns 63,549 shares of the company’s stock valued at $2,670,000 after buying an additional 3,494 shares in the last quarter. WBI Investments Inc. acquired a new stake in shares of Leggett & Platt during the fourth quarter valued at $2,790,000. Finally, TD Asset Management Inc. boosted its stake in shares of Leggett & Platt by 0.9% in the fourth quarter. TD Asset Management Inc. now owns 75,836 shares of the company’s stock valued at $3,187,000 after buying an additional 700 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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