Leggett & Platt, Incorporated (LEG) Shares Gap Up After Better-Than-Expected Earnings

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.

WARNING: This piece was originally reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this piece on another domain, it was stolen and republished in violation of US & international trademark and copyright law. The legal version of this piece can be read at https://www.dispatchtribunal.com/2017/10/27/leggett-platt-incorporated-leg-shares-gap-up-after-better-than-expected-earnings.html.

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.

Receive News & Ratings for Leggett & Platt Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Leggett & Platt Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply