Retirement Systems of Alabama Reduces Stake in Leggett & Platt, Inc. (NYSE:LEG)
Retirement Systems of Alabama trimmed its stake in Leggett & Platt, Inc. (NYSE:LEG) by 6.0% during the third quarter, Holdings Channel reports. The fund owned 57,574 shares of the company’s stock after selling 3,645 shares during the period. Retirement Systems of Alabama’s holdings in Leggett & Platt were worth $2,357,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LEG. Nuveen Asset Management LLC purchased a new position in Leggett & Platt in the second quarter valued at about $20,309,000. Invesco Ltd. boosted its stake in Leggett & Platt by 14.0% in the second quarter. Invesco Ltd. now owns 3,431,097 shares of the company’s stock valued at $131,652,000 after acquiring an additional 420,132 shares during the last quarter. Capital Advisors Inc. OK boosted its stake in Leggett & Platt by 568.9% in the second quarter. Capital Advisors Inc. OK now owns 451,175 shares of the company’s stock valued at $17,312,000 after acquiring an additional 383,725 shares during the last quarter. Dearborn Partners LLC boosted its stake in Leggett & Platt by 92.4% in the third quarter. Dearborn Partners LLC now owns 685,728 shares of the company’s stock valued at $28,074,000 after acquiring an additional 329,405 shares during the last quarter. Finally, Charles Schwab Investment Advisory Inc. lifted its stake in shares of Leggett & Platt by 8.2% during the 2nd quarter. Charles Schwab Investment Advisory Inc. now owns 3,302,997 shares of the company’s stock valued at $126,736,000 after buying an additional 251,426 shares in the last quarter. Hedge funds and other institutional investors own 78.21% of the company’s stock.
In related news, Director Judy C. Odom sold 10,000 shares of the company’s stock in a transaction that occurred 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 directly owns 56,117 shares in the company, valued at approximately $2,852,988.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phoebe A. Wood sold 23,260 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $54.50, for a total transaction of $1,267,670.00. Following the completion of the sale, the director now owns 53,404 shares in the company, valued at $2,910,518. The disclosure for this sale can be found here. Insiders have sold a total of 81,628 shares of company stock worth $4,180,713 over the last 90 days. 1.45% of the stock is currently owned by corporate insiders.
Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.09. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Leggett & Platt had a net margin of 6.45% and a return on equity of 18.05%. Leggett & Platt’s revenue was up 13.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. On average, equities analysts predict that Leggett & Platt, Inc. will post 2.56 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Thursday, December 12th. Leggett & Platt’s payout ratio is currently 64.52%.
A number of analysts recently commented on LEG shares. SunTrust Banks cut shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Raymond James cut shares of Leggett & Platt from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 24th. TheStreet upgraded shares of Leggett & Platt from a “c+” rating to a “b-” rating in a research note on Friday, September 27th. Finally, ValuEngine upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The stock currently has a consensus rating of “Hold”.
Leggett & Platt 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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