Leggett & Platt, Incorporated (LEG) to Issue Quarterly Dividend of $0.36 on October 13th
Leggett & Platt, Incorporated (NYSE:LEG) declared a quarterly dividend on Thursday, August 3rd, RTT News reports. Shareholders of record on Friday, September 15th will be given a dividend of 0.36 per share on Friday, October 13th. This represents a $1.44 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Thursday, September 14th.
Leggett & Platt, has raised its dividend by an average of 14.5% per year over the last three years and has increased its dividend every year for the last 45 years. Leggett & Platt, has a payout ratio of 55.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Leggett & Platt, to earn $2.79 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 51.6%.
Leggett & Platt, (NYSE LEG) opened at 45.30 on Friday. The firm has a 50-day moving average price of $47.56 and a 200-day moving average price of $50.55. Leggett & Platt, has a 12-month low of $43.17 and a 12-month high of $54.97. The company has a market cap of $5.99 billion, a P/E ratio of 17.98 and a beta of 1.00.
Leggett & Platt, (NYSE:LEG) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by $0.01. The firm had revenue of $989.30 million for the quarter, compared to analysts’ expectations of $1 billion. Leggett & Platt, had a net margin of 9.17% and a return on equity of 31.02%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 EPS. On average, analysts forecast that Leggett & Platt, will post $2.49 earnings per share for the current fiscal year.
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Several equities analysts have recently issued reports on LEG shares. Zacks Investment Research cut Leggett & Platt, from a “buy” rating to a “hold” rating in a report on Monday, May 15th. Piper Jaffray Companies started coverage on Leggett & Platt, in a report on Monday, June 5th. They issued an “overweight” rating and a $59.00 price objective for the company. BidaskClub cut Leggett & Platt, from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Gabelli started coverage on Leggett & Platt, in a report on Wednesday, June 21st. They issued a “hold” rating and a $53.00 price objective for the company. Finally, Credit Suisse Group started coverage on Leggett & Platt, in a report on Thursday, June 22nd. They issued a “neutral” rating and a $56.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $55.63.
In related news, insider Matthew C. Flanigan sold 19,589 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $49.58, for a total value of $971,222.62. Following the completion of the transaction, the insider now owns 159,522 shares of the company’s stock, valued at approximately $7,909,100.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.78% 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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