A.R.T. Advisors LLC decreased its position in Leggett & Platt, Inc. (NYSE:LEG) by 43.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,005 shares of the company’s stock after selling 11,500 shares during the quarter. A.R.T. Advisors LLC’s holdings in Leggett & Platt were worth $665,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bedel Financial Consulting Inc. bought a new position in Leggett & Platt in the first quarter worth $132,000. Federated Investors Inc. PA bought a new position in Leggett & Platt in the first quarter worth $138,000. Tdam USA Inc. bought a new position in Leggett & Platt in the first quarter worth $221,000. Zeke Capital Advisors LLC bought a new position in Leggett & Platt in the first quarter worth $231,000. Finally, Two Sigma Advisers LP bought a new position in Leggett & Platt in the fourth quarter worth $267,000. Institutional investors and hedge funds own 76.23% of the company’s stock.
In other news, Director Robert Ted Enloe III sold 5,328 shares of the firm’s stock in a transaction on Friday, June 1st. The stock was sold at an average price of $41.47, for a total transaction of $220,952.16. Following the completion of the transaction, the director now directly owns 38,376 shares in the company, valued at $1,591,452.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.52% of the stock is owned by company insiders.
LEG has been the subject of a number of research reports. SunTrust Banks decreased their price objective on Leggett & Platt to $48.00 and set a “buy” rating for the company in a report on Tuesday, May 1st. Stifel Nicolaus upgraded Leggett & Platt from a “hold” rating to a “buy” rating and raised their price target for the company from $48.00 to $50.00 in a report on Thursday, May 31st. Zacks Investment Research upgraded Leggett & Platt from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Wednesday, April 11th. Credit Suisse Group reduced their price target on Leggett & Platt from $51.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, April 27th. Finally, ValuEngine downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $51.17.
Shares of Leggett & Platt opened at $44.64 on Friday, MarketBeat Ratings reports. Leggett & Platt, Inc. has a 1-year low of $39.57 and a 1-year high of $53.96. The company has a quick ratio of 1.23, a current ratio of 1.85 and a debt-to-equity ratio of 1.04. The firm has a market cap of $5.77 billion, a PE ratio of 18.15, a P/E/G ratio of 1.51 and a beta of 0.90.
Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Thursday, April 26th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.02). Leggett & Platt had a net margin of 7.09% and a return on equity of 27.92%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the business earned $0.62 earnings per share. Leggett & Platt’s revenue was up 7.2% compared to the same quarter last year. sell-side analysts predict that Leggett & Platt, Inc. will post 2.65 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Stockholders of record on Friday, June 15th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, June 14th. This is an increase from Leggett & Platt’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 3.41%. Leggett & Platt’s dividend payout ratio (DPR) is presently 61.79%.
About Leggett & Platt
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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