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.”
LEG has been the topic of several other research reports. Hilliard Lyons downgraded shares of Leggett & Platt from a neutral rating to an underperform rating in a report on Friday, July 29th. Raymond James Financial Inc. reissued a market perform rating on shares of Leggett & Platt in a report on Monday, August 1st. Finally, Citigroup Inc. downgraded shares of Leggett & Platt to a market perform rating in a report on Monday, August 1st.
Shares of Leggett & Platt (NYSE:LEG) traded up 0.04% during midday trading on Thursday, reaching $45.74. 165,594 shares of the company’s stock were exchanged. The stock has a market cap of $6.11 billion, a PE ratio of 16.73 and a beta of 0.95. The stock’s 50 day moving average is $48.79 and its 200-day moving average is $49.96. Leggett & Platt has a 12-month low of $36.64 and a 12-month high of $54.63.
Leggett & Platt (NYSE:LEG) last released its earnings results on Thursday, July 28th. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.62 by $0.04. Leggett & Platt had a net margin of 10.03% and a return on equity of 33.71%. The firm had revenue of $958.90 million for the quarter, compared to the consensus estimate of $1,000 million. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. On average, equities analysts expect that Leggett & Platt will post $2.50 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Thursday, September 15th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Tuesday, September 13th. Leggett & Platt’s payout ratio is 49.64%.
In related news, insider Dennis S. Park sold 3,000 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $52.48, for a total transaction of $157,440.00. Following the sale, the insider now owns 276,697 shares of the company’s stock, valued at $14,521,058.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Scott S. Douglas sold 2,000 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 38,363 shares in the company, valued at approximately $1,992,957.85. The disclosure for this sale can be found here. Corporate insiders own 3.92% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in Leggett & Platt by 1.3% in the first quarter. Geode Capital Management LLC now owns 1,084,978 shares of the company’s stock worth $52,403,000 after buying an additional 13,709 shares during the last quarter. Pictet Asset Management Ltd. increased its stake in shares of Leggett & Platt by 4.1% in the first quarter. Pictet Asset Management Ltd. now owns 73,072 shares of the company’s stock valued at $3,263,000 after buying an additional 2,900 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Leggett & Platt during the first quarter valued at $315,000. Credit Agricole S A increased its stake in shares of Leggett & Platt by 72.3% in the first quarter. Credit Agricole S A now owns 31,706 shares of the company’s stock valued at $1,534,000 after buying an additional 13,304 shares in the last quarter. Finally, Aviva PLC increased its stake in shares of Leggett & Platt by 0.9% in the first quarter. Aviva PLC now owns 70,656 shares of the company’s stock valued at $3,420,000 after buying an additional 662 shares in the last quarter. 66.41% of the stock is currently owned by institutional investors.
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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