Andra AP fonden Takes Position in Leggett & Platt, Inc. (LEG)
Andra AP fonden purchased a new position in Leggett & Platt, Inc. (NYSE:LEG) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 101,800 shares of the company’s stock, valued at approximately $4,544,000.
Other institutional investors have also made changes to their positions in the company. Federated Investors Inc. PA bought a new stake in shares of Leggett & Platt in the first quarter worth about $138,000. Moneta Group Investment Advisors LLC boosted its position in shares of Leggett & Platt by 159.2% during the second quarter. Moneta Group Investment Advisors LLC now owns 3,175 shares of the company’s stock worth $142,000 after buying an additional 1,950 shares during the period. Hilltop Holdings Inc. acquired a new position in shares of Leggett & Platt during the first quarter worth about $200,000. Osborn Williams & Donohoe LLC acquired a new position in shares of Leggett & Platt during the second quarter worth about $201,000. Finally, Confluence Wealth Management LLC acquired a new position in shares of Leggett & Platt during the second quarter worth about $213,000. Institutional investors own 77.42% of the company’s stock.
In related news, insider Matthew C. Flanigan sold 15,672 shares of the stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $46.00, for a total transaction of $720,912.00. Following the completion of the transaction, the insider now directly owns 116,341 shares of the company’s stock, valued at $5,351,686. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew C. Flanigan sold 29,248 shares of the stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $44.09, for a total value of $1,289,544.32. Following the transaction, 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 posted its quarterly earnings data on Thursday, July 26th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.02. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Leggett & Platt had a return on equity of 27.73% and a net margin of 6.83%. Leggett & Platt’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. equities research analysts anticipate that Leggett & Platt, Inc. will post 2.62 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, September 24th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, September 21st. This represents a $1.52 annualized dividend and a dividend yield of 3.43%. Leggett & Platt’s dividend payout ratio is currently 61.79%.
LEG has been the subject of several recent research reports. Zacks Investment Research raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Thursday, June 14th. ValuEngine raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 22nd. Finally, Stifel Nicolaus raised Leggett & Platt from a “hold” rating to a “buy” rating and upped their price objective for the stock from $48.00 to $50.00 in a research report on Thursday, May 31st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Leggett & Platt has a consensus rating of “Hold” and an average price target of $48.20.
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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