Raymond James & Associates reduced its position in Leggett & Platt, Inc. (NYSE:LEG) by 26.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 550,242 shares of the company’s stock after selling 198,626 shares during the period. Raymond James & Associates owned about 0.42% of Leggett & Platt worth $19,341,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of LEG. Geode Capital Management LLC boosted its holdings in shares of Leggett & Platt by 8.4% during the first quarter. Geode Capital Management LLC now owns 2,366,357 shares of the company’s stock worth $63,019,000 after purchasing an additional 183,875 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Leggett & Platt by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 1,763,215 shares of the company’s stock valued at $47,042,000 after purchasing an additional 22,881 shares during the period. OLD Republic International Corp increased its position in Leggett & Platt by 6.8% during the first quarter. OLD Republic International Corp now owns 1,406,500 shares of the company’s stock worth $37,525,000 after purchasing an additional 90,000 shares during the last quarter. Morgan Stanley raised its stake in Leggett & Platt by 43.2% during the first quarter. Morgan Stanley now owns 1,194,126 shares of the company’s stock worth $31,859,000 after purchasing an additional 360,017 shares during the period. Finally, Norges Bank acquired a new position in shares of Leggett & Platt in the 4th quarter valued at $57,899,000. Institutional investors own 69.15% of the company’s stock.
LEG has been the topic of several research reports. Piper Sandler cut their target price on Leggett & Platt from $47.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 15th. Stifel Nicolaus cut their price objective on Leggett & Platt from $49.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, April 6th. Raymond James boosted their price objective on shares of Leggett & Platt from $38.00 to $41.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, July 28th. Finally, SunTrust Banks boosted their price objective on Leggett & Platt from $30.00 to $35.00 and gave the stock a “hold” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a strong buy rating to the stock. Leggett & Platt presently has a consensus rating of “Hold” and an average target price of $35.50.
Shares of LEG stock opened at $40.09 on Friday. The stock’s fifty day simple moving average is $34.95 and its 200-day simple moving average is $35.74. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 16.10, a P/E/G ratio of 1.98 and a beta of 1.57. The company has a current ratio of 2.08, a quick ratio of 1.32 and a debt-to-equity ratio of 2.05. Leggett & Platt, Inc. has a 1-year low of $22.03 and a 1-year high of $55.42.
Leggett & Platt (NYSE:LEG) last released its earnings results on Monday, May 4th. The company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Leggett & Platt had a return on equity of 26.61% and a net margin of 6.86%. The business’s revenue for the quarter was down 9.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.49 EPS. On average, sell-side analysts predict that Leggett & Platt, Inc. will post 1.56 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th were paid a $0.40 dividend. The ex-dividend date was Friday, June 12th. This represents a $1.60 annualized dividend and a yield of 3.99%. Leggett & Platt’s dividend payout ratio is presently 62.26%.
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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