Texas Permanent School Fund lessened its holdings in shares of Leggett & Platt, Inc. (NYSE:LEG) by 8.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,219 shares of the company’s stock after selling 2,815 shares during the period. Texas Permanent School Fund’s holdings in Leggett & Platt were worth $1,280,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in LEG. LPL Financial LLC raised its holdings in Leggett & Platt by 27.3% during the first quarter. LPL Financial LLC now owns 16,819 shares of the company’s stock worth $746,000 after purchasing an additional 3,609 shares in the last quarter. DnB Asset Management AS bought a new stake in Leggett & Platt during the second quarter worth approximately $553,000. IFM Investors Pty Ltd bought a new stake in Leggett & Platt during the second quarter worth approximately $290,000. State of Alaska Department of Revenue raised its holdings in Leggett & Platt by 72.0% during the second quarter. State of Alaska Department of Revenue now owns 48,170 shares of the company’s stock worth $2,149,000 after purchasing an additional 20,170 shares in the last quarter. Finally, Xact Kapitalforvaltning AB raised its holdings in Leggett & Platt by 36.8% during the second quarter. Xact Kapitalforvaltning AB now owns 16,166 shares of the company’s stock worth $722,000 after purchasing an additional 4,351 shares in the last quarter. 76.96% of the stock is currently owned by institutional investors.
LEG has been the topic of several recent analyst reports. Zacks Investment Research raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Thursday, September 20th. TheStreet cut Leggett & Platt from a “b-” rating to a “c+” rating in a report on Friday, October 26th. SunTrust Banks dropped their target price on Leggett & Platt to $40.00 and set an “outperform” rating on the stock in a report on Tuesday, October 30th. ValuEngine raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 22nd. Finally, Raymond James cut Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $44.00 target price on the stock. in a report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $46.17.
In other Leggett & Platt news, insider Matthew C. Flanigan sold 15,672 shares of the company’s stock in a transaction 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 transaction, the insider now owns 116,341 shares of the company’s stock, valued at $5,351,686. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.52% of the stock is currently owned by corporate insiders.
Shares of NYSE:LEG opened at $37.57 on Friday. Leggett & Platt, Inc. has a 12 month low of $34.07 and a 12 month high of $49.88. The company has a market cap of $4.88 billion, a P/E ratio of 15.24, a PEG ratio of 1.60 and a beta of 1.05. The company has a current ratio of 2.12, a quick ratio of 1.32 and a debt-to-equity ratio of 1.16.
Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, October 25th. The company reported $0.67 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.05). The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.10 billion. Leggett & Platt had a net margin of 6.87% and a return on equity of 28.37%. As a group, analysts anticipate that Leggett & Platt, Inc. will post 2.44 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, December 14th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.52 annualized dividend and a dividend yield of 4.05%. Leggett & Platt’s dividend payout ratio is currently 61.79%.
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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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