Mackay Shields LLC bought a new stake in shares of Leggett & Platt (NYSE:LEG) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 22,187 shares of the company’s stock, valued at approximately $984,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Dupont Capital Management Corp purchased a new stake in Leggett & Platt during the 4th quarter valued at $122,000. SeaCrest Wealth Management LLC purchased a new stake in Leggett & Platt during the 4th quarter valued at $193,000. Telemus Capital LLC purchased a new stake in Leggett & Platt during the 4th quarter valued at $230,000. Centiva Capital LP purchased a new stake in Leggett & Platt during the 4th quarter valued at $245,000. Finally, Zeke Capital Advisors LLC purchased a new stake in Leggett & Platt during the 1st quarter valued at $231,000. Institutional investors and hedge funds own 76.47% of the company’s stock.
In other news, insider Karl G. Glassman sold 10,000 shares of the business’s stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $47.41, for a total transaction of $474,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.52% of the company’s stock.
Shares of LEG stock opened at $41.65 on Thursday. Leggett & Platt has a 1 year low of $39.57 and a 1 year high of $53.96. The company has a quick ratio of 1.23, a current ratio of 1.85 and a debt-to-equity ratio of 1.04. The firm has a market cap of $5.50 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 1.43 and a beta of 0.89.
Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, April 26th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.02). Leggett & Platt had a net margin of 7.09% and a return on equity of 27.92%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the firm earned $0.62 EPS. The company’s revenue was up 7.2% on a year-over-year basis. sell-side analysts forecast that Leggett & Platt will post 2.68 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Stockholders of record on Friday, June 15th will be given a dividend of $0.38 per share. This is an increase from Leggett & Platt’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, June 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.65%. Leggett & Platt’s payout ratio is presently 58.54%.
A number of equities research analysts have weighed in on LEG shares. Zacks Investment Research upgraded shares of Leggett & Platt from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Wednesday, April 11th. Gabelli upgraded shares of Leggett & Platt from a “hold” rating to a “buy” rating in a research note on Wednesday, February 7th. SunTrust Banks decreased their target price on shares of Leggett & Platt to $48.00 and set a “buy” rating for the company in a research note on Tuesday, May 1st. Credit Suisse Group decreased their target price on shares of Leggett & Platt from $51.00 to $46.00 and set a “neutral” rating for the company in a research note on Friday, April 27th. Finally, ValuEngine lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Leggett & Platt currently has an average rating of “Hold” and an average price target of $51.67.
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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