Cadence Capital Management LLC trimmed its holdings in Leggett & Platt, Inc. (NYSE:LEG) by 8.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 12,789 shares of the company’s stock after selling 1,150 shares during the period. Cadence Capital Management LLC’s holdings in Leggett & Platt were worth $571,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of LEG. Epoch Investment Partners Inc. purchased a new position in Leggett & Platt in the first quarter worth approximately $132,346,000. Schroder Investment Management Group grew its position in Leggett & Platt by 431.9% in the first quarter. Schroder Investment Management Group now owns 836,564 shares of the company’s stock worth $37,110,000 after acquiring an additional 679,272 shares during the period. Silvercrest Asset Management Group LLC grew its position in Leggett & Platt by 8,960.1% in the first quarter. Silvercrest Asset Management Group LLC now owns 501,931 shares of the company’s stock worth $22,266,000 after acquiring an additional 496,391 shares during the period. Bank of Montreal Can purchased a new position in Leggett & Platt in the second quarter worth approximately $21,353,000. Finally, Dimensional Fund Advisors LP grew its position in 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 acquiring an additional 307,448 shares during the period. Institutional investors own 78.76% of the company’s stock.
Several research analysts recently weighed in on LEG shares. Stifel Nicolaus upgraded Leggett & Platt from a “hold” rating to a “buy” rating and increased their price objective for the stock from $48.00 to $50.00 in a research report on Thursday, May 31st. Zacks Investment Research upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Friday, May 18th. Finally, ValuEngine lowered Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $48.20.
LEG opened at $45.76 on Thursday. Leggett & Platt, Inc. has a 52 week low of $39.57 and a 52 week high of $51.99. The firm has a market cap of $5.93 billion, a PE ratio of 18.98, a PEG ratio of 1.63 and a beta of 0.88. The company has a quick ratio of 1.23, a current ratio of 1.90 and a debt-to-equity ratio of 1.15.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, July 26th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. Leggett & Platt had a return on equity of 27.73% and a net margin of 6.83%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period last year, the business posted $0.64 earnings per share. The company’s quarterly revenue was up 11.4% on a year-over-year basis. equities research analysts predict that Leggett & Platt, Inc. will post 2.62 earnings per share for the current fiscal year.
In other news, insider Matthew C. Flanigan sold 15,672 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $46.00, for a total transaction of $720,912.00. Following the completion of the transaction, the insider now directly owns 116,341 shares in the company, valued at $5,351,686. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value of $220,952.16. Following the transaction, the director now owns 38,376 shares of the company’s stock, valued at $1,591,452.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,248 shares of company stock valued at $2,231,408. Company insiders own 1.52% of the company’s stock.
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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