Leggett & Platt, Inc. (NYSE:LEG) announced a quarterly dividend on Tuesday, November 6th, RTT News reports. Shareholders of record on Friday, December 14th will be given a dividend of 0.38 per share on Tuesday, January 15th. This represents a $1.52 annualized dividend and a dividend yield of 4.06%.
Leggett & Platt has raised its dividend by an average of 5.0% per year over the last three years and has raised its dividend annually for the last 46 consecutive years. Leggett & Platt has a payout ratio of 58.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Leggett & Platt to earn $2.69 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 56.5%.
Shares of NYSE:LEG traded down $0.42 on Tuesday, hitting $37.48. The company’s stock had a trading volume of 222,925 shares, compared to its average volume of 1,743,346. Leggett & Platt has a 1 year low of $34.07 and a 1 year high of $49.88. The stock has a market cap of $4.94 billion, a P/E ratio of 15.24, a PEG ratio of 1.62 and a beta of 1.05. The company has a quick ratio of 1.32, a current ratio of 2.12 and a debt-to-equity ratio of 1.16.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, October 25th. The company reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.05). Leggett & Platt had a net margin of 6.87% and a return on equity of 28.37%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.10 billion. On average, equities research analysts expect that Leggett & Platt will post 2.44 EPS for the current fiscal year.
Several brokerages have recently commented on LEG. Raymond James lowered Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $44.00 price objective on the stock. in a research report on Monday, October 29th. Zacks Investment Research upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Monday, October 1st. ValuEngine lowered Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. SunTrust Banks reduced their price objective on Leggett & Platt to $40.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 30th. Finally, TheStreet lowered Leggett & Platt from a “b-” rating to a “c+” rating in a research report on Friday, October 26th. One research 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’s stock. Leggett & Platt presently has a consensus rating of “Hold” and a consensus target price of $46.17.
In other news, insider Matthew C. Flanigan sold 15,672 shares of the stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $46.00, for a total transaction of $720,912.00. Following the transaction, the insider now directly owns 116,341 shares in the company, valued at approximately $5,351,686. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.52% of the stock is currently owned by corporate insiders.
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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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