Leggett & Platt, Incorporated (LEG) Upgraded to Buy at SunTrust Banks, Inc.
SunTrust Banks, Inc. upgraded shares of Leggett & Platt, Incorporated (NYSE:LEG) from a hold rating to a buy rating in a report released on Friday morning, MarketBeat Ratings reports. They currently have $53.00 price objective on the stock, up from their prior price objective of $50.00. The analysts noted that the move was a valuation call.
LEG has been the subject of a number of other reports. Zacks Investment Research downgraded Leggett & Platt, from a hold rating to a sell rating in a report on Tuesday, July 4th. Gabelli began coverage on Leggett & Platt, in a report on Wednesday, June 21st. They set a hold rating and a $53.00 price objective for the company. Stifel Nicolaus restated a hold rating on shares of Leggett & Platt, in a report on Thursday, September 7th. Hilliard Lyons upgraded Leggett & Platt, from a neutral rating to a long-term buy rating and set a $66.00 price objective for the company in a report on Monday, July 24th. Finally, BidaskClub downgraded Leggett & Platt, from a buy rating to a hold rating in a report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $55.33.
Shares of Leggett & Platt, (LEG) opened at 47.22 on Friday. Leggett & Platt, has a 52 week low of $43.17 and a 52 week high of $54.97. The stock has a 50 day moving average price of $46.36 and a 200-day moving average price of $50.37. The firm has a market capitalization of $6.25 billion, a PE ratio of 18.74 and a beta of 1.00.
Leggett & Platt, (NYSE:LEG) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). The firm had revenue of $989.30 million for the quarter, compared to analyst estimates of $1 billion. Leggett & Platt, had a return on equity of 31.02% and a net margin of 9.17%. The company’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 earnings per share. Equities analysts anticipate that Leggett & Platt, will post $2.43 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be issued a $0.36 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.44 annualized dividend and a yield of 3.08%. Leggett & Platt,’s dividend payout ratio is currently 57.14%.
In related news, insider Matthew C. Flanigan sold 19,589 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $49.58, for a total value of $971,222.62. Following the completion of the sale, the insider now directly owns 159,522 shares in the company, valued at approximately $7,909,100.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.78% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Leggett & Platt, by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 15,434,519 shares of the company’s stock valued at $776,664,000 after purchasing an additional 481,689 shares in the last quarter. BlackRock Inc. increased its holdings in Leggett & Platt, by 0.6% in the 2nd quarter. BlackRock Inc. now owns 12,019,449 shares of the company’s stock valued at $631,381,000 after purchasing an additional 76,484 shares in the last quarter. US Bancorp DE increased its holdings in Leggett & Platt, by 2.3% in the 2nd quarter. US Bancorp DE now owns 2,038,293 shares of the company’s stock valued at $107,072,000 after purchasing an additional 46,071 shares in the last quarter. Franklin Resources Inc. increased its holdings in Leggett & Platt, by 0.9% in the 2nd quarter. Franklin Resources Inc. now owns 1,584,782 shares of the company’s stock valued at $83,249,000 after purchasing an additional 13,837 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Leggett & Platt, by 10.8% in the 1st quarter. Geode Capital Management LLC now owns 1,445,309 shares of the company’s stock valued at $72,633,000 after purchasing an additional 141,050 shares in the last quarter. Hedge funds and other institutional investors own 68.86% of the company’s stock.
About Leggett & Platt,
Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.
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