Exxonmobil Investment Management Inc. TX cut its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 14.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,403 shares of the company’s stock after selling 4,297 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in Leggett & Platt, were worth $1,334,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. BlackRock Inc. increased its position in shares of Leggett & Platt, by 1,572.6% in the first quarter. BlackRock Inc. now owns 11,942,965 shares of the company’s stock worth $600,969,000 after buying an additional 11,228,920 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Leggett & Platt, by 3.2% in the first quarter. Vanguard Group Inc. now owns 15,434,519 shares of the company’s stock worth $776,664,000 after buying an additional 481,689 shares in the last quarter. Schroder Investment Management Group increased its position in shares of Leggett & Platt, by 79.8% in the first quarter. Schroder Investment Management Group now owns 1,060,299 shares of the company’s stock worth $53,450,000 after buying an additional 470,611 shares in the last quarter. Thomaspartners Inc. increased its position in shares of Leggett & Platt, by 8.7% in the first quarter. Thomaspartners Inc. now owns 3,821,679 shares of the company’s stock worth $192,307,000 after buying an additional 305,900 shares in the last quarter. Finally, KAMES CAPITAL plc increased its position in shares of Leggett & Platt, by 30.1% in the first quarter. KAMES CAPITAL plc now owns 1,168,704 shares of the company’s stock worth $58,774,000 after buying an additional 270,673 shares in the last quarter. 72.09% of the stock is currently owned by institutional investors and hedge funds.
Shares of Leggett & Platt, Incorporated (NYSE LEG) opened at 52.65 on Friday. The company’s 50-day moving average is $52.59 and its 200-day moving average is $50.74. Leggett & Platt, Incorporated has a 12-month low of $44.02 and a 12-month high of $54.97. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 19.17 and a beta of 1.01.
Leggett & Platt, (NYSE:LEG) last issued its quarterly earnings data on Thursday, April 27th. The company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.03. Leggett & Platt, had a net margin of 10.14% and a return on equity of 31.91%. The business had revenue of $960.30 million during the quarter, compared to analysts’ expectations of $958.98 million. During the same period in the previous year, the company earned $0.63 earnings per share. Leggett & Platt,’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities analysts forecast that Leggett & Platt, Incorporated will post $2.63 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Thursday, June 15th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.74%. This is a boost from Leggett & Platt,’s previous quarterly dividend of $0.34. The ex-dividend date was Tuesday, June 13th. Leggett & Platt,’s payout ratio is presently 52.36%.
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A number of equities analysts have recently commented on LEG shares. Zacks Investment Research downgraded shares of Leggett & Platt, from a “buy” rating to a “hold” rating in a research note on Tuesday, April 11th. Stifel Nicolaus raised their target price on shares of Leggett & Platt, from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Monday, April 3rd. Credit Suisse Group AG started coverage on shares of Leggett & Platt, in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $56.00 target price on the stock. Piper Jaffray Companies started coverage on shares of Leggett & Platt, in a research note on Monday, June 5th. They issued an “overweight” rating and a $59.00 target price on the stock. Finally, BidaskClub downgraded shares of Leggett & Platt, from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Seven research analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $55.57.
In related news, SVP Scott S. Douglas sold 5,000 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $53.26, for a total transaction of $266,300.00. Following the completion of the transaction, the senior vice president now directly owns 36,133 shares in the company, valued at approximately $1,924,443.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Karl G. Glassman sold 13,277 shares of the company’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $53.79, for a total transaction of $714,169.83. Following the transaction, the insider now owns 337,455 shares of the company’s stock, valued at $18,151,704.45. The disclosure for this sale can be found here. Insiders sold 46,320 shares of company stock valued at $2,477,652 over the last 90 days. 1.78% of the stock is owned by corporate insiders.
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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