Leggett & Platt, Inc. (LEG) Shares Sold by Palisade Asset Management LLC
Palisade Asset Management LLC cut its stake in Leggett & Platt, Inc. (NYSE:LEG) by 3.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,611 shares of the company’s stock after selling 2,080 shares during the period. Palisade Asset Management LLC’s holdings in Leggett & Platt were worth $2,698,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of LEG. Dimensional Fund Advisors LP grew its holdings in shares of Leggett & Platt by 42.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,034,888 shares of the company’s stock worth $45,908,000 after purchasing an additional 307,448 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Leggett & Platt by 22.9% in the first quarter. Russell Investments Group Ltd. now owns 78,552 shares of the company’s stock worth $3,474,000 after purchasing an additional 14,613 shares during the last quarter. LPL Financial LLC grew its holdings in shares of Leggett & Platt by 27.3% in the first quarter. LPL Financial LLC now owns 16,819 shares of the company’s stock worth $746,000 after purchasing an additional 3,609 shares during the last quarter. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Leggett & Platt by 6.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 59,112 shares of the company’s stock worth $2,622,000 after purchasing an additional 3,570 shares during the last quarter. Finally, CIBC World Markets Inc. bought a new position in shares of Leggett & Platt in the first quarter worth about $582,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.
Leggett & Platt stock traded down $0.34 during midday trading on Friday, hitting $38.27. 74,193 shares of the company’s stock were exchanged, compared to its average volume of 1,169,054. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.90 and a quick ratio of 1.23. Leggett & Platt, Inc. has a 12 month low of $38.27 and a 12 month high of $51.99. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 1.40 and a beta of 0.83.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, September 24th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.97%. The ex-dividend date was Friday, September 21st. Leggett & Platt’s payout ratio is 61.79%.
In other Leggett & Platt news, insider Matthew C. Flanigan sold 29,248 shares of the stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $44.09, for a total transaction of $1,289,544.32. Following the transaction, the insider now directly owns 115,039 shares in the company, valued at approximately $5,072,069.51. The sale 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 stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $46.00, for a total transaction of $720,912.00. Following the transaction, the insider now owns 116,341 shares in the company, valued at $5,351,686. The disclosure for this sale can be found here. 1.52% of the stock is owned by corporate insiders.
A number of research analysts have recently commented on LEG shares. Zacks Investment Research upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Monday, October 1st. ValuEngine upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 22nd. One investment 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 stock presently has a consensus rating of “Hold” and a consensus price target of $48.20.
Leggett & Platt Company 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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