Paloma Partners Management Co lessened its stake in shares of Leggett & Platt, Inc. (NYSE:LEG) by 52.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,117 shares of the company’s stock after selling 64,056 shares during the quarter. Paloma Partners Management Co’s holdings in Leggett & Platt were worth $2,727,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates lifted its position in Leggett & Platt by 16.4% in the 4th quarter. Raymond James & Associates now owns 675,363 shares of the company’s stock valued at $32,235,000 after acquiring an additional 95,273 shares in the last quarter. California State Teachers Retirement System lifted its position in Leggett & Platt by 1.5% in the 4th quarter. California State Teachers Retirement System now owns 221,022 shares of the company’s stock valued at $10,549,000 after acquiring an additional 3,237 shares in the last quarter. Two Sigma Advisers LP bought a new position in Leggett & Platt in the 4th quarter valued at about $267,000. Stone Ridge Asset Management LLC bought a new position in Leggett & Platt in the 4th quarter valued at about $712,000. Finally, Deutsche Bank AG lifted its position in Leggett & Platt by 65.7% in the 4th quarter. Deutsche Bank AG now owns 777,349 shares of the company’s stock valued at $37,100,000 after acquiring an additional 308,291 shares in the last quarter. 73.68% of the stock is currently owned by institutional investors.
Shares of Leggett & Platt, Inc. (NYSE:LEG) opened at $47.02 on Wednesday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.22 and a current ratio of 1.81. Leggett & Platt, Inc. has a one year low of $41.25 and a one year high of $54.97. The stock has a market cap of $6,198.10, a P/E ratio of 22.08, a PEG ratio of 1.52 and a beta of 0.95.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.36 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.44 annualized dividend and a dividend yield of 3.06%. Leggett & Platt’s payout ratio is currently 67.61%.
In other news, SVP David M. Desonier sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $45.28, for a total transaction of $452,800.00. Following the completion of the sale, the senior vice president now owns 75,542 shares in the company, valued at approximately $3,420,541.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Matthew C. Flanigan sold 10,061 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $45.78, for a total transaction of $460,592.58. Following the sale, the chief financial officer now owns 102,615 shares of the company’s stock, valued at approximately $4,697,714.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,932 shares of company stock valued at $1,648,568. 1.78% of the stock is currently owned by company insiders.
Several equities analysts recently weighed in on LEG shares. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $48.00 price target on shares of Leggett & Platt in a research report on Tuesday, January 23rd. Zacks Investment Research upgraded shares of Leggett & Platt from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research note on Wednesday, January 10th. Finally, Gabelli upgraded shares of Leggett & Platt from a “hold” rating to a “buy” rating in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $54.57.
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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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