Leggett & Platt Inc. (LEG) Sees Strong Trading Volume
Leggett & Platt Inc. (NYSE:LEG) saw strong trading volume on Tuesday . 1,036,991 shares were traded during trading, an increase of 32% from the previous session’s volume of 784,351 shares.The stock last traded at $51.25 and had previously closed at $51.87.
A number of analysts recently issued reports on the stock. Raymond James Financial Inc. restated a “market perform” rating on shares of Leggett & Platt in a report on Monday. Citigroup Inc. downgraded shares of Leggett & Platt to a “market perform” rating in a report on Monday. Hilliard Lyons downgraded shares of Leggett & Platt from a “neutral” rating to an “underperform” rating in a report on Friday. Finally, Zacks Investment Research downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th.
The firm has a market capitalization of $6.83 billion and a PE ratio of 18.72. The firm has a 50-day moving average of $51.56 and a 200-day moving average of $47.83.
Leggett & Platt (NYSE:LEG) last announced its earnings results on Thursday, July 28th. The company reported $0.66 EPS 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 quarter last year, the firm posted $0.53 EPS. The business’s quarterly revenue was down 3.9% on a year-over-year basis. Analysts expect that Leggett & Platt Inc. will post $2.51 EPS for the current fiscal year.
The firm also recently announced 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 represents a $1.36 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Monday, June 13th. This is an increase from Leggett & Platt’s previous quarterly dividend of $0.32.
In related news, Director Robert Ted Enloe III sold 4,103 shares of the company’s stock in a transaction dated Tuesday, May 24th. The shares were sold at an average price of $49.00, for a total value of $201,047.00. Following the transaction, the director now owns 37,398 shares in the company, valued at approximately $1,832,502. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Karl G. Glassman sold 22,580 shares of the company’s stock in a transaction dated Friday, June 17th. The stock was sold at an average price of $50.07, for a total transaction 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 approximately $23,830,165.59. The disclosure for this sale can be found here.
Other institutional investors have recently made changes to their positions in the company. Gulf International Bank UK Ltd boosted its position 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 worth $1,823,000 after buying an additional 450 shares during the last quarter. Wells Fargo & Company MN boosted its position 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 worth $33,402,000 after buying an additional 18,563 shares during the last quarter. WBI Investments Inc. purchased a new position in shares of Leggett & Platt during the fourth quarter worth about $2,790,000. Vanguard Group Inc. boosted its position in shares of Leggett & Platt by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 14,341,549 shares of the company’s stock worth $602,633,000 after buying an additional 281,926 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its position in shares of 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 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.