Sawtooth Solutions LLC bought a new position in shares of Leggett & Platt, Inc. (NYSE:LEG) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,808 shares of the company’s stock, valued at approximately $517,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Russell Investments Group Ltd. boosted its stake in Leggett & Platt by 9.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 74,187 shares of the company’s stock worth $3,249,000 after purchasing an additional 6,104 shares during the last quarter. DT Investment Partners LLC boosted its stake in Leggett & Platt by 11.4% during the 3rd quarter. DT Investment Partners LLC now owns 52,043 shares of the company’s stock worth $2,279,000 after purchasing an additional 5,338 shares during the last quarter. IFP Advisors Inc boosted its stake in Leggett & Platt by 39.8% during the 3rd quarter. IFP Advisors Inc now owns 5,849 shares of the company’s stock worth $256,000 after purchasing an additional 1,666 shares during the last quarter. Wealth Advisors of Tampa Bay LLC acquired a new stake in Leggett & Platt during the 3rd quarter worth $3,089,000. Finally, Country Club Trust Company n.a. acquired a new position in shares of Leggett & Platt during the 3rd quarter valued at about $351,000. 76.93% of the stock is currently owned by institutional investors.
In other Leggett & Platt news, insider Matthew C. Flanigan sold 15,672 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $46.00, for a total value of $720,912.00. Following the transaction, the insider now owns 116,341 shares of the company’s stock, valued at $5,351,686. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.52% of the company’s stock.
Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, October 25th. The company reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.05). The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.10 billion. Leggett & Platt had a net margin of 6.87% and a return on equity of 28.37%. As a group, analysts forecast that Leggett & Platt, Inc. will post 2.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, September 24th were given a $0.38 dividend. The ex-dividend date of this dividend was Friday, September 21st. This represents a $1.52 dividend on an annualized basis and a yield of 4.41%. Leggett & Platt’s payout ratio is currently 61.79%.
Several research analysts have recently weighed in on LEG shares. Zacks Investment Research raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Monday, July 2nd. ValuEngine raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 22nd. Raymond James cut shares of Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $44.00 price target on the stock. in a research report on Monday. Finally, TheStreet cut shares of Leggett & Platt from a “b-” rating to a “c+” rating in a research report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Leggett & Platt currently has a consensus rating of “Hold” and an average price target of $47.50.
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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