Wedge Capital Management L L P NC acquired a new position in Leggett & Platt, Inc. (NYSE:LEG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 642,413 shares of the company’s stock, valued at approximately $32,654,000. Wedge Capital Management L L P NC owned approximately 0.49% of Leggett & Platt at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Northern Trust Corp grew its position in shares of Leggett & Platt by 0.3% during the 2nd quarter. Northern Trust Corp now owns 1,493,556 shares of the company’s stock valued at $57,308,000 after acquiring an additional 4,815 shares during the period. Mackay Shields LLC grew its holdings in Leggett & Platt by 4.6% in the third quarter. Mackay Shields LLC now owns 20,937 shares of the company’s stock valued at $857,000 after purchasing an additional 922 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Leggett & Platt by 10.9% in the third quarter. Janney Montgomery Scott LLC now owns 45,207 shares of the company’s stock valued at $1,851,000 after buying an additional 4,454 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its position in shares of Leggett & Platt by 94.9% in the third quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 8,047 shares of the company’s stock valued at $328,000 after buying an additional 3,919 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of Leggett & Platt by 12.5% in the third quarter. Parametric Portfolio Associates LLC now owns 478,571 shares of the company’s stock valued at $19,593,000 after buying an additional 53,297 shares in the last quarter. Institutional investors and hedge funds own 77.62% of the company’s stock.
A number of research analysts have recently issued reports on the company. CJS Securities lowered Leggett & Platt from an “outperform” rating to a “market perform” rating and set a $54.00 target price on the stock. in a research report on Tuesday, December 10th. ValuEngine raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, October 30th. Goldman Sachs Group started coverage on shares of Leggett & Platt in a research report on Friday, December 6th. They set a “neutral” rating for the company. Stifel Nicolaus cut shares of Leggett & Platt from a “buy” rating to a “hold” rating and upped their price objective for the stock from $52.00 to $55.00 in a research report on Tuesday, November 19th. Finally, TheStreet raised shares of Leggett & Platt from a “c+” rating to a “b-” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $54.50.
Leggett & Platt (NYSE:LEG) last announced its earnings results on Monday, October 28th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.09. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Leggett & Platt had a return on equity of 28.04% and a net margin of 6.45%. The business’s revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.66 earnings per share. As a group, equities analysts forecast that Leggett & Platt, Inc. will post 2.56 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Friday, December 13th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Thursday, December 12th. Leggett & Platt’s payout ratio is 64.52%.
In other Leggett & Platt news, Director Judy C. Odom sold 10,000 shares of Leggett & Platt stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $50.84, for a total transaction of $508,400.00. Following the sale, the director now owns 56,117 shares of the company’s stock, valued at approximately $2,852,988.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Russell J. Iorio sold 26,475 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $51.86, for a total transaction of $1,372,993.50. Following the sale, the senior vice president now directly owns 81,667 shares of the company’s stock, valued at approximately $4,235,250.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 89,155 shares of company stock valued at $4,701,393. 1.45% of the stock is owned by corporate insiders.
Leggett & Platt Company Profile
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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