Creative Planning Decreases Stake in Leggett & Platt, Inc. (LEG)

Creative Planning reduced its holdings in shares of Leggett & Platt, Inc. (NYSE:LEG) by 57.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,154 shares of the company’s stock after selling 19,213 shares during the quarter. Creative Planning’s holdings in Leggett & Platt were worth $620,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of LEG. Charles Schwab Investment Advisory Inc. bought a new position in shares of Leggett & Platt during the 2nd quarter worth approximately $120,882,000. Epoch Investment Partners Inc. grew its stake in shares of Leggett & Platt by 20.6% during the 2nd quarter. Epoch Investment Partners Inc. now owns 3,597,884 shares of the company’s stock worth $160,610,000 after acquiring an additional 614,419 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Leggett & Platt during the 2nd quarter worth approximately $21,353,000. Intrinsic Edge Capital Management LLC bought a new position in shares of Leggett & Platt during the 2nd quarter worth approximately $12,742,000. Finally, Raymond James & Associates grew its stake in shares of Leggett & Platt by 16.9% during the 2nd quarter. Raymond James & Associates now owns 1,562,298 shares of the company’s stock worth $69,741,000 after acquiring an additional 225,307 shares in the last quarter. 76.96% of the stock is owned by institutional investors.

Several equities analysts have recently weighed in on the stock. SunTrust Banks decreased their price target on shares of Leggett & Platt to $40.00 and set an “outperform” rating for the company in a research note on Tuesday, October 30th. Raymond James cut shares of Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $44.00 price target for the company. in a research note on Monday, October 29th. ValuEngine raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 22nd. Zacks Investment Research raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Friday, August 24th. Finally, TheStreet cut shares of Leggett & Platt from a “b-” rating to a “c+” rating in a research note on Friday, October 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $46.17.

NYSE LEG opened at $37.90 on Tuesday. The company has a market capitalization of $4.94 billion, a PE ratio of 15.41, a P/E/G ratio of 1.62 and a beta of 1.05. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.12 and a quick ratio of 1.32. Leggett & Platt, Inc. has a 12 month low of $34.07 and a 12 month high of $49.88.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Thursday, October 25th. The company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.05). The company had revenue of $1.09 billion during 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%. On average, sell-side analysts forecast that Leggett & Platt, Inc. will post 2.44 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Monday, September 24th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend was Friday, September 21st. Leggett & Platt’s payout ratio is presently 61.79%.

In other news, insider Matthew C. Flanigan sold 15,672 shares of the stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $46.00, for a total value of $720,912.00. Following the completion of the sale, the insider now owns 116,341 shares of the company’s stock, valued at approximately $5,351,686. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.52% of the company’s stock.

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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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Institutional Ownership by Quarter for Leggett & Platt (NYSE:LEG)

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