Leggett & Platt Inc. (LEG) Upgraded to “Hold” by Zacks Investment Research
Leggett & Platt Inc. (NYSE:LEG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Leggett is progressing well with its long-term strategy of achieving top-line growth of 4%–5% annually. The company is also enhancing its business portfolio by expanding operations in areas that provide competitive advantage while exiting the underperforming ones. The company maintains its disciplined capital allocation and remains keen on boosting shareholder value. However, the company’s significant global presence exposes it to adverse currency movements. Raw material price deflation and stiff competition also pose significant threats. These factors led the company’s top-line to decline for the fifth consecutive quarter in the preceding quarter. While the company provided a conservative sales outlook for 2016, it continues to anticipate generating record EPS, robust EBIT margin and enhanced cash flows this year. Nonetheless, estimates have been going down ahead of the company’s third quarter earnings release.”
Other equities research analysts have also recently issued research reports about the company. Citigroup Inc. cut Leggett & Platt to a “market perform” rating in a report on Monday, August 1st. Raymond James Financial Inc. reiterated a “market perform” rating on shares of Leggett & Platt in a report on Monday, August 1st. Finally, Hilliard Lyons cut Leggett & Platt from a “neutral” rating to an “underperform” rating in a report on Friday, July 29th.
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Shares of Leggett & Platt (NYSE:LEG) traded down 0.24% during midday trading on Thursday, hitting $45.67. The stock had a trading volume of 182,511 shares. The stock has a market cap of $6.10 billion, a P/E ratio of 16.70 and a beta of 0.95. Leggett & Platt has a 12-month low of $36.64 and a 12-month high of $54.63. The stock has a 50-day moving average price of $48.98 and a 200-day moving average price of $49.99.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. The business had revenue of $958.90 million for the quarter, compared to analysts’ expectations of $1,000 million. Leggett & Platt had a return on equity of 33.71% and a net margin of 10.03%. The company’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 EPS. Equities analysts forecast that Leggett & Platt will post $2.50 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Tuesday, September 13th. Leggett & Platt’s dividend payout ratio is presently 49.64%.
In other Leggett & Platt news, insider Karl G. Glassman sold 20,000 shares of the stock in a transaction on Friday, August 26th. The stock was sold at an average price of $52.49, for a total transaction of $1,049,800.00. Following the transaction, the insider now owns 459,850 shares of the company’s stock, valued at approximately $24,137,526.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Judy C. Odom sold 5,000 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $52.51, for a total value of $262,550.00. Following the transaction, the director now directly owns 58,557 shares in the company, valued at approximately $3,074,828.07. The disclosure for this sale can be found here. Company insiders own 3.92% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Ronna Sue Cohen raised its position in shares of Leggett & Platt by 0.5% in the third quarter. Ronna Sue Cohen now owns 8,070 shares of the company’s stock valued at $368,000 after buying an additional 44 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Leggett & Platt by 0.8% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 10,055 shares of the company’s stock valued at $513,000 after buying an additional 78 shares in the last quarter. Woodstock Corp increased its stake in shares of Leggett & Platt by 0.6% in the third quarter. Woodstock Corp now owns 15,500 shares of the company’s stock valued at $706,000 after buying an additional 100 shares in the last quarter. CLS Investments LLC increased its stake in shares of Leggett & Platt by 2.0% in the second quarter. CLS Investments LLC now owns 5,071 shares of the company’s stock valued at $259,000 after buying an additional 101 shares in the last quarter. Finally, Segall Bryant & Hamill LLC increased its stake in shares of Leggett & Platt by 2.5% in the second quarter. Segall Bryant & Hamill LLC now owns 5,554 shares of the company’s stock valued at $284,000 after buying an additional 135 shares in the last quarter. 66.41% of the stock is currently owned by institutional investors.
Leggett & Platt Company Profile
Leggett & Platt, Incorporated is a manufacturer of engineered components and products found in homes, offices, automobiles and commercial aircraft. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products. The Residential Furnishings segment manufactures steel coiled bedsprings.
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