Leggett & Platt, Inc. (LEG) Shares Bought by Hexavest Inc.
Hexavest Inc. increased its holdings in shares of Leggett & Platt, Inc. (NYSE:LEG) by 25.5% during the third quarter, HoldingsChannel reports. The firm owned 6,124 shares of the company’s stock after buying an additional 1,245 shares during the period. Hexavest Inc.’s holdings in Leggett & Platt were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Federated Investors Inc. PA bought a new position in shares of Leggett & Platt during the first quarter valued at $138,000. Moneta Group Investment Advisors LLC lifted its holdings in shares of Leggett & Platt by 159.2% during the second quarter. Moneta Group Investment Advisors LLC now owns 3,175 shares of the company’s stock valued at $142,000 after purchasing an additional 1,950 shares in the last quarter. Hilltop Holdings Inc. bought a new position in shares of Leggett & Platt during the first quarter valued at $200,000. Osborn Williams & Donohoe LLC bought a new position in shares of Leggett & Platt during the second quarter valued at $201,000. Finally, Confluence Wealth Management LLC bought a new position in shares of Leggett & Platt during the second quarter valued at $213,000. 77.46% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently issued reports on LEG shares. Zacks Investment Research raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Thursday, September 20th. ValuEngine raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $48.20.
Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Thursday, July 26th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Leggett & Platt had a return on equity of 27.73% and a net margin of 6.83%. Leggett & Platt’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 earnings per share. As a group, research analysts anticipate that Leggett & Platt, Inc. will post 2.62 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, September 24th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Friday, September 21st. Leggett & Platt’s dividend payout ratio (DPR) is presently 61.79%.
In related news, insider Matthew C. Flanigan sold 29,248 shares of the company’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $44.09, for a total transaction of $1,289,544.32. Following the completion of the sale, the insider now owns 115,039 shares in the company, valued at $5,072,069.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Matthew C. Flanigan sold 15,672 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $46.00, for a total value of $720,912.00. Following the sale, the insider now owns 116,341 shares of the company’s stock, valued at approximately $5,351,686. The disclosure for this sale can be found here. 1.52% of the stock is currently owned by corporate insiders.
Leggett & Platt Profile
Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through four segments: Residential Products, Furniture Products, Industrial Products, and Specialized Products. The Residential Products segment offers innersprings, wire forms, and machines to shape wire into various types of springs; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions, and geo components.
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