Leggett & Platt, Incorporated (NYSE:LEG) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $45.36, but opened at $48.23. Leggett & Platt, shares last traded at $49.45, with a volume of 2,676,100 shares changing hands.
The company reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Leggett & Platt, had a net margin of 9.17% and a return on equity of 31.02%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the firm posted $0.67 EPS. The firm’s quarterly revenue was up 6.4% on a year-over-year basis.
The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 15th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.91%. The ex-dividend date was Thursday, September 14th. Leggett & Platt,’s dividend payout ratio (DPR) is 57.14%.
LEG has been the topic of several analyst reports. BidaskClub downgraded shares of Leggett & Platt, from a “sell” rating to a “strong sell” rating in a research note on Friday, August 25th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $49.00 price target on shares of Leggett & Platt, in a research note on Friday, September 8th. Hilliard Lyons raised shares of Leggett & Platt, from a “neutral” rating to a “long-term buy” rating and set a $66.00 price target on the stock in a research note on Monday, July 24th. Stifel Nicolaus reissued a “hold” rating on shares of Leggett & Platt, in a research report on Thursday, September 7th. Finally, SunTrust Banks, Inc. raised shares of Leggett & Platt, from a “hold” rating to a “buy” rating and boosted their target price for the stock from $50.00 to $53.00 in a research report on Friday, September 22nd. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. Leggett & Platt, presently has a consensus rating of “Hold” and an average price target of $54.75.
In related news, insider Matthew C. Flanigan sold 19,589 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $49.58, for a total transaction of $971,222.62. Following the completion of the sale, the insider now owns 159,522 shares of the company’s stock, valued at approximately $7,909,100.76. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.78% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in LEG. Lord Abbett & CO. LLC bought a new stake in shares of Leggett & Platt, during the 2nd quarter valued at about $22,404,000. Janus Henderson Group PLC grew its position in shares of Leggett & Platt, by 1,257.3% during the 2nd quarter. Janus Henderson Group PLC now owns 195,679 shares of the company’s stock valued at $10,279,000 after buying an additional 181,262 shares during the last quarter. Balyasny Asset Management LLC grew its position in shares of Leggett & Platt, by 575.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 148,021 shares of the company’s stock valued at $7,776,000 after buying an additional 126,119 shares during the last quarter. United Asset Strategies Inc. bought a new stake in shares of Leggett & Platt, during the 2nd quarter valued at about $4,699,000. Finally, Ardevora Asset Management LLP grew its position in shares of Leggett & Platt, by 13.1% during the 2nd quarter. Ardevora Asset Management LLP now owns 667,300 shares of the company’s stock valued at $35,053,000 after buying an additional 77,100 shares during the last quarter. 68.64% of the stock is owned by institutional investors and hedge funds.
The firm’s 50 day moving average price is $47.22 and its 200 day moving average price is $49.99. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 19.62 and a beta of 0.99.
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Leggett & Platt, Company Profile
Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.
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