Cordasco Financial Network continued to hold its position in Leggett & Platt Inc. (NYSE:LEG) during the second quarter, Holdings Channel reports. The fund owned 2,000 shares of the company’s stock at the end of the second quarter. Cordasco Financial Network’s holdings in Leggett & Platt were worth $102,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of the stock. TNB Financial acquired a new position in shares of Leggett & Platt during the second quarter valued at $204,000. Investment Centers of America Inc. increased its position in shares of Leggett & Platt by 20.1% in the first quarter. Investment Centers of America Inc. now owns 6,111 shares of the company’s stock valued at $296,000 after buying an additional 1,023 shares during the period. Bayesian Capital Management LP acquired a new position in shares of Leggett & Platt during the first quarter valued at $305,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Leggett & Platt during the first quarter valued at $315,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of Leggett & Platt during the first quarter valued at $327,000. Hedge funds and other institutional investors own 66.45% of the company’s stock.
Leggett & Platt Inc. (NYSE:LEG) traded up 0.58% during midday trading on Monday, reaching $48.81. The company’s stock had a trading volume of 666,037 shares. Leggett & Platt Inc. has a 12-month low of $36.64 and a 12-month high of $54.63. The stock has a market cap of $6.52 billion, a P/E ratio of 17.85 and a beta of 0.97. The stock’s 50 day moving average is $51.61 and its 200 day moving average is $50.06.
Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.04. The business earned $958.90 million during the quarter, compared to analysts’ expectations of $1,000 million. Leggett & Platt had a return on equity of 33.71% and a net margin of 10.03%. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.53 EPS. Analysts anticipate that Leggett & Platt Inc. will post $2.52 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 15th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Tuesday, September 13th. Leggett & Platt’s payout ratio is presently 49.64%.
Several brokerages recently weighed in on LEG. Zacks Investment Research upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Thursday, August 4th. Raymond James Financial Inc. reiterated a “market perform” rating on shares of Leggett & Platt in a report on Monday, August 1st. Citigroup Inc. downgraded shares of Leggett & Platt to a “market perform” rating in a report on Monday, August 1st. Finally, Hilliard Lyons downgraded shares of Leggett & Platt from a “neutral” rating to an “underperform” rating in a report on Friday, July 29th.
In other news, insider Dennis S. Park sold 3,000 shares of Leggett & Platt stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $52.48, for a total value of $157,440.00. Following the completion of the transaction, the insider now owns 276,697 shares in the company, valued at approximately $14,521,058.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Judy C. Odom sold 5,000 shares of Leggett & Platt stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $52.51, for a total value of $262,550.00. Following the completion of the transaction, the director now owns 58,557 shares of the company’s stock, valued at approximately $3,074,828.07. The disclosure for this sale can be found here. 3.92% of the stock is owned by insiders.
Leggett & Platt Company Profile
Leggett & Platt, Incorporated is a manufacturer of engineered components and products found in homes, offices, automobiles and commercial aircraft. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products. The Residential Furnishings segment manufactures steel coiled bedsprings.
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