Leggett & Platt, Incorporated (LEG) Lifted to “Buy” at BidaskClub
Leggett & Platt, Incorporated (NYSE:LEG) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Leggett & Platt, from a “hold” rating to a “sell” rating in a research report on Wednesday, April 19th. Piper Jaffray Companies assumed coverage on shares of Leggett & Platt, in a research report on Monday, June 5th. They set an “overweight” rating and a $59.00 target price for the company. Finally, Stifel Nicolaus lifted their target price on shares of Leggett & Platt, from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Monday, April 3rd. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $56.00.
Leggett & Platt, (NYSE LEG) traded up 0.84% on Friday, hitting $52.74. 1,324,575 shares of the company traded hands. The stock’s 50-day moving average is $52.30 and its 200 day moving average is $50.18. Leggett & Platt, has a 12 month low of $44.02 and a 12 month high of $54.97. The stock has a market cap of $6.98 billion, a PE ratio of 19.20 and a beta of 1.00.
Leggett & Platt, (NYSE:LEG) last announced its quarterly earnings data on Thursday, April 27th. The company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.03. Leggett & Platt, had a net margin of 10.14% and a return on equity of 31.91%. The firm had revenue of $960.30 million during the quarter, compared to analysts’ expectations of $958.98 million. During the same quarter last year, the business earned $0.63 earnings per share. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. Equities research analysts expect that Leggett & Platt, will post $2.63 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Thursday, June 15th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $1.44 dividend on an annualized basis and a yield of 2.73%. This is a boost from Leggett & Platt,’s previous quarterly dividend of $0.34. Leggett & Platt,’s payout ratio is presently 52.36%.
In other Leggett & Platt, news, insider Karl G. Glassman sold 13,277 shares of Leggett & Platt, stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $53.79, for a total transaction of $714,169.83. Following the completion of the transaction, the insider now owns 337,455 shares in the company, valued at $18,151,704.45. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph W. Mcclanathan sold 5,715 shares of Leggett & Platt, stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $52.91, for a total transaction of $302,380.65. Following the transaction, the director now owns 32,314 shares of the company’s stock, valued at approximately $1,709,733.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,320 shares of company stock valued at $2,477,652. 1.78% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Leggett & Platt, by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,663 shares of the company’s stock worth $375,000 after buying an additional 29 shares during the last quarter. Chesley Taft & Associates LLC raised its position in Leggett & Platt, by 0.3% in the first quarter. Chesley Taft & Associates LLC now owns 14,825 shares of the company’s stock worth $746,000 after buying an additional 50 shares in the last quarter. Ronna Sue Cohen raised its position in Leggett & Platt, by 0.6% in the first quarter. Ronna Sue Cohen now owns 8,173 shares of the company’s stock worth $411,000 after buying an additional 51 shares in the last quarter. Trustmark National Bank Trust Department raised its position in Leggett & Platt, by 0.9% in the first quarter. Trustmark National Bank Trust Department now owns 6,360 shares of the company’s stock worth $320,000 after buying an additional 59 shares in the last quarter. Finally, Huntington National Bank raised its position in Leggett & Platt, by 0.8% in the first quarter. Huntington National Bank now owns 9,101 shares of the company’s stock worth $458,000 after buying an additional 69 shares in the last quarter. Institutional investors own 72.74% of the company’s stock.
About Leggett & Platt,
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.
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