Chesley Taft & Associates LLC Has $405,000 Position in Leggett & Platt, Inc. (LEG)
Chesley Taft & Associates LLC lowered its stake in Leggett & Platt, Inc. (NYSE:LEG) by 43.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,475 shares of the company’s stock after selling 6,550 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Leggett & Platt were worth $405,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of LEG. TimesSquare Capital Management LLC acquired a new position in Leggett & Platt in the third quarter valued at about $81,509,000. Bank of New York Mellon Corp lifted its position in Leggett & Platt by 78.4% in the third quarter. Bank of New York Mellon Corp now owns 2,549,592 shares of the company’s stock valued at $121,693,000 after buying an additional 1,120,320 shares during the last quarter. Sarasin & Partners LLP lifted its position in Leggett & Platt by 106.0% in the third quarter. Sarasin & Partners LLP now owns 1,212,946 shares of the company’s stock valued at $57,894,000 after buying an additional 624,208 shares during the last quarter. Becker Capital Management Inc. acquired a new position in Leggett & Platt in the third quarter valued at about $21,057,000. Finally, Lord Abbett & CO. LLC acquired a new position in Leggett & Platt in the second quarter valued at about $22,404,000. 68.47% of the stock is currently owned by institutional investors.
LEG has been the topic of a number of recent analyst reports. SunTrust Banks reaffirmed a “buy” rating and issued a $53.00 target price on shares of Leggett & Platt in a research report on Friday, October 27th. Piper Jaffray Companies set a $49.00 target price on shares of Leggett & Platt and gave the company a “buy” rating in a research report on Wednesday, October 11th. Finally, Zacks Investment Research raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and two have issued a strong buy rating to the stock. Leggett & Platt has an average rating of “Buy” and an average price target of $54.25.
Shares of Leggett & Platt, Inc. (LEG) opened at $47.48 on Thursday. The stock has a market cap of $6,320.00, a PE ratio of 19.22, a PEG ratio of 1.79 and a beta of 1.03. Leggett & Platt, Inc. has a 1 year low of $43.17 and a 1 year high of $54.97. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.11 and a current ratio of 1.74.
Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Leggett & Platt had a net margin of 8.75% and a return on equity of 29.60%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 earnings per share. research analysts expect that Leggett & Platt, Inc. will post 2.48 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 15th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.44 annualized dividend and a dividend yield of 3.03%. Leggett & Platt’s dividend payout ratio is presently 58.30%.
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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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