Wedbush Securities Inc. Cuts Stake in Leggett & Platt, Inc. (LEG)
Wedbush Securities Inc. decreased its holdings in Leggett & Platt, Inc. (NYSE:LEG) by 11.8% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 42,433 shares of the company’s stock after selling 5,653 shares during the period. Wedbush Securities Inc.’s holdings in Leggett & Platt were worth $1,894,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Leggett & Platt by 1.2% in the 1st quarter. BlackRock Inc. now owns 12,608,640 shares of the company’s stock valued at $559,321,000 after purchasing an additional 145,889 shares in the last quarter. Epoch Investment Partners Inc. purchased a new stake in shares of Leggett & Platt in the 1st quarter valued at $132,346,000. Thomaspartners Inc. boosted its stake in shares of Leggett & Platt by 6.4% in the 1st quarter. Thomaspartners Inc. now owns 2,557,065 shares of the company’s stock valued at $113,431,000 after purchasing an additional 153,367 shares in the last quarter. Sarasin & Partners LLP boosted its stake in shares of Leggett & Platt by 10.4% in the 1st quarter. Sarasin & Partners LLP now owns 1,616,579 shares of the company’s stock valued at $71,711,000 after purchasing an additional 151,972 shares in the last quarter. Finally, Villere ST Denis J & Co. LLC boosted its stake in shares of Leggett & Platt by 2.7% in the 2nd quarter. Villere ST Denis J & Co. LLC now owns 1,583,989 shares of the company’s stock valued at $70,709,000 after purchasing an additional 41,050 shares in the last quarter. 75.77% of the stock is owned by institutional investors.
In other news, Director Robert Ted Enloe III sold 5,328 shares of the firm’s stock in a transaction dated Friday, June 1st. The shares were sold at an average price of $41.47, for a total value of $220,952.16. Following the completion of the sale, the director now directly owns 38,376 shares of the company’s stock, valued at approximately $1,591,452.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Matthew C. Flanigan sold 29,248 shares of the firm’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $44.09, for a total transaction of $1,289,544.32. Following the completion of the sale, the insider now directly owns 115,039 shares of the company’s stock, valued at $5,072,069.51. The disclosure for this sale can be found here. Corporate insiders own 1.52% of the company’s stock.
Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, July 26th. The company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Leggett & Platt had a net margin of 6.83% and a return on equity of 27.73%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 EPS. equities research analysts forecast that Leggett & Platt, Inc. will post 2.62 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 13th. Shareholders of record on Friday, June 15th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, June 14th. This represents a $1.52 annualized dividend and a yield of 3.43%. This is a boost from Leggett & Platt’s previous quarterly dividend of $0.36. Leggett & Platt’s dividend payout ratio is presently 61.79%.
A number of brokerages have recently issued reports on LEG. Zacks Investment Research raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Thursday, June 21st. ValuEngine cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Credit Suisse Group cut their price objective on shares of Leggett & Platt from $51.00 to $46.00 and set a “neutral” rating for the company in a research note on Friday, April 27th. Stifel Nicolaus raised shares of Leggett & Platt from a “hold” rating to a “buy” rating and upped their price objective for the company from $48.00 to $50.00 in a research note on Thursday, May 31st. Finally, SunTrust Banks dropped their price target on shares of Leggett & Platt to $48.00 and set a “buy” rating for the company in a research report on Tuesday, May 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Leggett & Platt currently has an average rating of “Hold” and an average target price of $48.20.
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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