Treasurer of the State of North Carolina lessened its position in Leggett & Platt, Inc. (NYSE:LEG) by 3.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,485 shares of the company’s stock after selling 2,144 shares during the period. Treasurer of the State of North Carolina’s holdings in Leggett & Platt were worth $2,474,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of LEG. First Trust Advisors LP raised its position in shares of Leggett & Platt by 0.5% in the first quarter. First Trust Advisors LP now owns 869,610 shares of the company’s stock valued at $36,715,000 after buying an additional 4,646 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Leggett & Platt by 4.4% during the first quarter. Envestnet Asset Management Inc. now owns 156,559 shares of the company’s stock worth $6,610,000 after buying an additional 6,551 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Leggett & Platt during the first quarter worth approximately $438,000. SRB Corp grew its stake in Leggett & Platt by 4.3% during the first quarter. SRB Corp now owns 15,833 shares of the company’s stock worth $669,000 after buying an additional 653 shares during the period. Finally, Thor Advisors LLC purchased a new stake in Leggett & Platt during the first quarter worth approximately $37,000. 78.00% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on LEG shares. ValuEngine upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. TheStreet upgraded shares of Leggett & Platt from a “c+” rating to a “b-” rating in a research note on Friday, September 27th. Finally, Raymond James cut shares of Leggett & Platt from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $42.00.
Leggett & Platt (NYSE:LEG) last issued its earnings results on Monday, July 29th. The company reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.01. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Leggett & Platt had a net margin of 6.44% and a return on equity of 27.47%. During the same period in the prior year, the company earned $0.63 earnings per share. Analysts predict that Leggett & Platt, Inc. will post 2.45 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.40 per share. The ex-dividend date is Thursday, September 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.14%. Leggett & Platt’s dividend payout ratio (DPR) is 64.52%.
In other news, CEO Karl G. Glassman sold 10,683 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $42.13, for a total transaction of $450,074.79. Following the completion of the transaction, the chief executive officer now owns 460,505 shares in the company, valued at $19,401,075.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.45% of the stock is currently owned by corporate insiders.
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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