According to Zacks, “Leggett is progressing well with its long-term strategy of achieving top-line growth of 4%–5% annually. The company is also enhancing its business portfolio by expanding operations in areas that provide competitive advantage while exiting the underperforming ones. The company maintains its disciplined capital allocation and remains keen on boosting shareholder value. However, the company’s significant global presence exposes it to adverse currency movements. Raw material price deflation and stiff competition also pose significant threats. These factors led the company’s top-line to decline for the fifth consecutive quarter in the preceding quarter. While the company provided a conservative sales outlook for 2016, it continues to anticipate generating record EPS, robust EBIT margin and enhanced cash flows this year. Nonetheless, estimates have been going down ahead of the company’s third quarter earnings release.”
Several other research analysts have also issued reports on LEG. Hilliard Lyons lowered Leggett & Platt from a neutral rating to an underperform rating in a research report on Friday, July 29th. Citigroup Inc. lowered Leggett & Platt to a market perform rating in a research report on Monday, August 1st. Finally, Raymond James Financial Inc. restated a market perform rating on shares of Leggett & Platt in a research report on Monday, August 1st.
Leggett & Platt (NYSE:LEG) opened at 45.77 on Thursday. The firm has a 50-day moving average price of $48.24 and a 200-day moving average price of $49.93. Leggett & Platt has a 52 week low of $36.64 and a 52 week high of $54.63. The stock has a market cap of $6.12 billion, a P/E ratio of 16.74 and a beta of 0.95.
Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.04. Leggett & Platt had a return on equity of 33.71% and a net margin of 10.03%. The business had revenue of $958.90 million for the quarter, compared to analyst estimates of $1,000 million. During the same period last year, the company earned $0.53 EPS. The firm’s revenue was down 3.9% on a year-over-year basis. On average, equities research analysts predict that Leggett & Platt will post $2.50 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Thursday, September 15th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.36 annualized dividend and a yield of 2.97%. Leggett & Platt’s dividend payout ratio is currently 49.64%.
In other Leggett & Platt news, SVP Scott S. Douglas sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $51.95, for a total transaction of $103,900.00. Following the completion of the transaction, the senior vice president now directly owns 38,363 shares in the company, valued at $1,992,957.85. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Judy C. Odom sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $52.51, for a total transaction of $262,550.00. Following the transaction, the director now owns 58,557 shares of the company’s stock, valued at $3,074,828.07. The disclosure for this sale can be found here. Company insiders own 3.92% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ronna Sue Cohen increased its position in shares of Leggett & Platt by 0.5% in the third quarter. Ronna Sue Cohen now owns 8,070 shares of the company’s stock valued at $368,000 after buying an additional 44 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Leggett & Platt by 0.8% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 10,055 shares of the company’s stock valued at $513,000 after buying an additional 78 shares in the last quarter. Woodstock Corp increased its position in shares of Leggett & Platt by 0.6% in the third quarter. Woodstock Corp now owns 15,500 shares of the company’s stock valued at $706,000 after buying an additional 100 shares in the last quarter. CLS Investments LLC increased its position in shares of Leggett & Platt by 2.0% in the second quarter. CLS Investments LLC now owns 5,071 shares of the company’s stock valued at $259,000 after buying an additional 101 shares in the last quarter. Finally, Segall Bryant & Hamill LLC increased its position in shares of Leggett & Platt by 2.5% in the second quarter. Segall Bryant & Hamill LLC now owns 5,554 shares of the company’s stock valued at $284,000 after buying an additional 135 shares in the last quarter. Institutional investors and hedge funds own 66.40% of the company’s stock.
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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