LEG has been the subject of a number of other research reports. Zacks Investment Research lowered shares of Leggett & Platt, from a hold rating to a sell rating in a research note on Tuesday, July 4th. Gabelli began coverage on shares of Leggett & Platt, in a research note on Wednesday, June 21st. They set a hold rating and a $53.00 target price for the company. Stifel Nicolaus reissued a hold rating on shares of Leggett & Platt, in a research note on Thursday, September 7th. Hilliard Lyons raised shares of Leggett & Platt, from a neutral rating to a long-term buy rating and set a $66.00 price objective for the company in a research note on Monday, July 24th. Finally, BidaskClub lowered shares of Leggett & Platt, from a buy rating to a hold rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $54.75.
Leggett & Platt, (NYSE LEG) traded down 0.37% during mid-day trading on Wednesday, hitting $48.16. The stock had a trading volume of 562,324 shares. The stock has a market cap of $6.37 billion, a PE ratio of 19.11 and a beta of 0.99. The firm’s 50-day moving average is $46.52 and its 200 day moving average is $50.15. Leggett & Platt, has a one year low of $43.17 and a one year high of $54.97.
Leggett & Platt, (NYSE:LEG) last issued its earnings results on Thursday, July 27th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). The company had revenue of $989.30 million for the quarter, compared to analyst estimates of $1 billion. Leggett & Platt, had a net margin of 9.17% and a return on equity of 31.02%. The company’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the business earned $0.66 EPS. Equities research analysts expect that Leggett & Platt, will post $2.43 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.98%. The ex-dividend date is Thursday, September 14th. Leggett & Platt,’s payout ratio is presently 57.14%.
In related news, insider Matthew C. Flanigan sold 19,589 shares of Leggett & Platt, stock in a transaction on Monday, July 31st. The shares were 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 owns 159,522 shares of the company’s stock, valued at approximately $7,909,100.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.78% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its stake in shares of Leggett & Platt, by 7.4% in the 1st quarter. Van ECK Associates Corp now owns 2,122 shares of the company’s stock valued at $107,000 after purchasing an additional 147 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Leggett & Platt, in the 1st quarter worth $126,000. Northwestern Mutual Wealth Management Co. raised its holdings in Leggett & Platt, by 6.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,407 shares of the company’s stock worth $127,000 after acquiring an additional 153 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. raised its holdings in Leggett & Platt, by 123.8% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,686 shares of the company’s stock worth $135,000 after acquiring an additional 1,486 shares during the period. Finally, Exane Derivatives raised its holdings in Leggett & Platt, by 132,500.0% in the 2nd quarter. Exane Derivatives now owns 2,652 shares of the company’s stock worth $139,000 after acquiring an additional 2,650 shares during the period. 68.86% of the stock is owned by institutional investors and hedge funds.
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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