Cadence Capital Management LLC lessened its stake in Leggett & Platt, Inc. (NYSE:LEG) by 13.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,542 shares of the company’s stock after selling 845 shares during the period. Cadence Capital Management LLC’s holdings in Leggett & Platt were worth $234,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Berkshire Asset Management LLC PA grew its position in Leggett & Platt by 6.7% in the 4th quarter. Berkshire Asset Management LLC PA now owns 556,029 shares of the company’s stock worth $19,928,000 after purchasing an additional 34,767 shares during the period. Vanguard Group Inc boosted its stake in shares of Leggett & Platt by 1.1% during the 3rd quarter. Vanguard Group Inc now owns 13,988,152 shares of the company’s stock worth $612,540,000 after acquiring an additional 158,966 shares during the last quarter. Gulf International Bank UK Ltd boosted its stake in shares of Leggett & Platt by 1.9% during the 1st quarter. Gulf International Bank UK Ltd now owns 29,030 shares of the company’s stock worth $1,225,000 after acquiring an additional 550 shares during the last quarter. Rowland & Co. Investment Counsel ADV boosted its stake in shares of Leggett & Platt by 2.0% during the 1st quarter. Rowland & Co. Investment Counsel ADV now owns 34,703 shares of the company’s stock worth $1,465,000 after acquiring an additional 666 shares during the last quarter. Finally, Gotham Asset Management LLC purchased a new position in shares of Leggett & Platt during the 4th quarter worth $5,110,000. 79.65% of the stock is owned by institutional investors and hedge funds.
Shares of Leggett & Platt stock opened at $37.92 on Wednesday. The firm has a market cap of $4.97 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 1.67 and a beta of 1.04. Leggett & Platt, Inc. has a 1-year low of $33.48 and a 1-year high of $46.71. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.13 and a current ratio of 1.91.
Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.49 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.03). The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Leggett & Platt had a return on equity of 28.02% and a net margin of 6.58%. The company’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 EPS. As a group, equities analysts expect that Leggett & Platt, Inc. will post 2.46 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a dividend of $0.40 per share. This is a boost from Leggett & Platt’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, June 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.22%. Leggett & Platt’s payout ratio is 61.29%.
In related news, SVP Russell J. Iorio sold 16,042 shares of Leggett & Platt stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $45.73, for a total transaction of $733,600.66. Following the transaction, the senior vice president now owns 71,149 shares in the company, valued at approximately $3,253,643.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.45% of the stock is currently owned by insiders.
Several research analysts have recently weighed in on LEG shares. TheStreet upgraded shares of Leggett & Platt from a “c+” rating to a “b-” rating in a research note on Friday, March 1st. Gabelli cut shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Wednesday, February 6th. Finally, Zacks Investment Research cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Thursday, February 7th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $44.67.
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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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