Stocks: Leggett & Platt, Inc. (LEG) Insider Sells $714,169.83 in Stock

Stocks: Leggett & Platt, Inc. (LEG) Insider Sells $714,169.83 in Stock

Leggett & Platt, Inc. (NYSE:LEG) insider Karl G. Glassman sold 13,277 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $53.79, for a total transaction of $714,169.83. Following the completion of the sale, the insider now directly owns 337,455 shares of the company’s stock, valued at $18,151,704.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Shares of Leggett & Platt, Inc. (NYSE:LEG) opened at 52.89 on Friday. Leggett & Platt, Inc. has a 12-month low of $44.02 and a 12-month high of $54.97. The company has a 50 day moving average of $51.76 and a 200-day moving average of $49.27. The company has a market capitalization of $7.00 billion, a P/E ratio of 19.25 and a beta of 1.02.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Thursday, April 27th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.03. Leggett & Platt had a net margin of 10.29% and a return on equity of 32.02%. The business had revenue of $960.30 million for the quarter, compared to analyst estimates of $958.98 million. During the same quarter last year, the firm earned $0.63 EPS. Leggett & Platt’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts anticipate that Leggett & Platt, Inc. will post $2.63 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Thursday, June 15th will be paid a dividend of $0.36 per share. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.34. The ex-dividend date is Tuesday, June 13th. This represents a $1.44 annualized dividend and a yield of 2.71%. Leggett & Platt’s dividend payout ratio (DPR) is presently 49.28%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its position in Leggett & Platt by 13.2% in the fourth quarter. State Street Corp now owns 11,368,640 shares of the company’s stock valued at $555,695,000 after buying an additional 1,321,588 shares during the last quarter. Thomaspartners Inc. raised its position in Leggett & Platt by 8.7% in the first quarter. Thomaspartners Inc. now owns 3,821,679 shares of the company’s stock valued at $192,307,000 after buying an additional 305,900 shares during the last quarter. FMR LLC raised its position in Leggett & Platt by 20.4% in the fourth quarter. FMR LLC now owns 2,341,610 shares of the company’s stock valued at $114,458,000 after buying an additional 396,844 shares during the last quarter. US Bancorp DE raised its position in Leggett & Platt by 1.9% in the first quarter. US Bancorp DE now owns 1,992,222 shares of the company’s stock valued at $100,248,000 after buying an additional 36,648 shares during the last quarter. Finally, Janus Capital Management LLC raised its position in Leggett & Platt by 12.5% in the fourth quarter. Janus Capital Management LLC now owns 1,602,020 shares of the company’s stock valued at $78,307,000 after buying an additional 178,112 shares during the last quarter. 69.01% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently weighed in on LEG. Zacks Investment Research raised shares of Leggett & Platt from a “sell” rating to a “hold” rating and set a $60.00 price target for the company in a research note on Tuesday, May 2nd. Stifel Nicolaus boosted their target price on shares of Leggett & Platt from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Monday, April 3rd. Finally, Raymond James Financial, Inc. upgraded shares of Leggett & Platt from a “market perform” rating to a “strong-buy” rating and set a $54.00 target price on the stock in a report on Wednesday, February 1st. Five investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. Leggett & Platt presently has an average rating of “Hold” and an average price target of $55.25.

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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