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.”
A number of other brokerages also recently commented on LEG. Citigroup Inc. downgraded shares of Leggett & Platt to a market perform rating in a research report on Monday, August 1st. Raymond James Financial Inc. restated a market perform rating on shares of Leggett & Platt in a research report on Monday, August 1st. Finally, Hilliard Lyons downgraded shares of Leggett & Platt from a neutral rating to an underperform rating in a research report on Friday, July 29th.
Shares of Leggett & Platt (NYSE:LEG) opened at 45.75 on Tuesday. The stock has a 50 day moving average price of $49.54 and a 200-day moving average price of $50.02. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 16.73 and a beta of 0.95. Leggett & Platt has a 52-week low of $36.64 and a 52-week high of $54.63.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $958.90 million for the quarter, compared to analyst estimates of $1,000 million. During the same quarter last year, the company posted $0.53 earnings per share. The business’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 fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.34 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.97%. Leggett & Platt’s payout ratio is 49.64%.
In other news, SVP Scott S. Douglas sold 2,000 shares of Leggett & Platt 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 sale, the senior vice president now directly owns 38,363 shares in the company, valued at approximately $1,992,957.85. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Karl G. Glassman sold 20,000 shares of Leggett & Platt stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $52.49, for a total transaction of $1,049,800.00. Following the sale, the insider now owns 459,850 shares of the company’s stock, valued at $24,137,526.50. The disclosure for this sale can be found here. Insiders own 3.92% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Glenmede Trust Co. NA boosted its position in shares of Leggett & Platt by 5.1% in the first quarter. Glenmede Trust Co. NA now owns 45,855 shares of the company’s stock worth $2,218,000 after buying an additional 2,226 shares during the period. Aperio Group LLC boosted its position in shares of Leggett & Platt by 0.7% in the first quarter. Aperio Group LLC now owns 36,076 shares of the company’s stock worth $1,746,000 after buying an additional 250 shares during the period. Virginia Retirement System acquired a new position in shares of Leggett & Platt during the first quarter worth $1,404,000. TIAA CREF Investment Management LLC boosted its position in shares of Leggett & Platt by 28.7% in the first quarter. TIAA CREF Investment Management LLC now owns 519,236 shares of the company’s stock worth $25,131,000 after buying an additional 115,872 shares during the period. Finally, Teachers Advisors Inc. boosted its position in shares of Leggett & Platt by 24.4% in the first quarter. Teachers Advisors Inc. now owns 298,973 shares of the company’s stock worth $14,470,000 after buying an additional 58,555 shares during the period. Institutional investors own 66.41% of the company’s stock.
About Leggett & Platt
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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