Welch Group LLC Sells 80,242 Shares of Leggett & Platt Inc. (LEG)
Welch Group LLC lowered its stake in Leggett & Platt Inc. (NYSE:LEG) by 21.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 298,754 shares of the company’s stock after selling 80,242 shares during the period. Leggett & Platt accounts for about 3.1% of Welch Group LLC’s investment portfolio, making the stock its 12th largest position. Welch Group LLC owned approximately 0.22% of Leggett & Platt worth $15,269,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the company. TNB Financial bought a new position in Leggett & Platt during the second quarter valued at $204,000. ING Groep NV bought a new position in Leggett & Platt during the second quarter valued at $244,000. HL Financial Services LLC increased its position in Leggett & Platt by 3.5% in the second quarter. HL Financial Services LLC now owns 6,143 shares of the company’s stock valued at $314,000 after buying an additional 210 shares during the last quarter. Bayesian Capital Management LP bought a new position in Leggett & Platt during the first quarter valued at $305,000. Finally, OMERS ADMINISTRATION Corp bought a new position in Leggett & Platt during the first quarter valued at $315,000. 66.43% of the stock is owned by institutional investors.
Shares of Leggett & Platt Inc. (NYSE:LEG) traded down 0.33% during midday trading on Monday, hitting $45.43. The stock had a trading volume of 2,069,683 shares. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 16.62 and a beta of 0.95. The company’s 50-day moving average price is $50.48 and its 200-day moving average price is $50.09. Leggett & Platt Inc. has a 12-month low of $36.64 and a 12-month high of $54.63.
Leggett & Platt (NYSE:LEG) last released its 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 firm earned $958.90 million during the quarter, compared to the consensus estimate of $1,000 million. Leggett & Platt had a return on equity of 33.71% and a net margin of 10.03%. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.53 earnings per share. Equities research analysts forecast that Leggett & Platt Inc. will post $2.50 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be given a $0.34 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.36 dividend on an annualized basis and a yield of 2.99%. Leggett & Platt’s dividend payout ratio (DPR) is 49.64%.
A number of equities research analysts have recently commented on the company. Zacks Investment Research downgraded Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Leggett & Platt in a research report on Monday, August 1st. Citigroup Inc. downgraded Leggett & Platt to a “market perform” rating in a research report on Monday, August 1st. Finally, Hilliard Lyons downgraded Leggett & Platt from a “neutral” rating to an “underperform” rating in a research report on Friday, July 29th.
In other news, insider Dennis S. Park sold 3,000 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $52.48, for a total transaction of $157,440.00. Following the completion of the sale, the insider now owns 276,697 shares in the company, valued at approximately $14,521,058.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott S. Douglas sold 2,000 shares of the stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $51.95, for a total value of $103,900.00. Following the sale, the senior vice president now owns 38,363 shares of the company’s stock, valued at approximately $1,992,957.85. The disclosure for this sale can be found here. 3.92% of the stock is owned by company insiders.
About Leggett & Platt
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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