Retirement Systems of Alabama trimmed its position in Leggett & Platt, Inc. (NYSE:LEG) by 6.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,574 shares of the company’s stock after selling 3,645 shares during the quarter. Retirement Systems of Alabama’s holdings in Leggett & Platt were worth $2,357,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Stonebridge Capital Advisors LLC bought a new position in Leggett & Platt in the second quarter valued at approximately $25,000. Quest Capital Management Inc. ADV bought a new position in Leggett & Platt in the third quarter valued at approximately $27,000. Advisory Services Network LLC increased its stake in Leggett & Platt by 25.1% in the second quarter. Advisory Services Network LLC now owns 1,248 shares of the company’s stock valued at $48,000 after acquiring an additional 250 shares during the last quarter. Flagship Harbor Advisors LLC increased its stake in Leggett & Platt by 386.0% in the second quarter. Flagship Harbor Advisors LLC now owns 1,322 shares of the company’s stock valued at $50,000 after acquiring an additional 1,050 shares during the last quarter. Finally, Coastal Investment Advisors Inc. increased its stake in Leggett & Platt by 63.3% in the second quarter. Coastal Investment Advisors Inc. now owns 1,605 shares of the company’s stock valued at $62,000 after acquiring an additional 622 shares during the last quarter. 78.21% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on the stock. Raymond James cut shares of Leggett & Platt from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 24th. ValuEngine raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. TheStreet raised shares of Leggett & Platt from a “c+” rating to a “b-” rating in a research note on Friday, September 27th. Finally, SunTrust Banks cut shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company has an average rating of “Hold”.
Leggett & Platt (NYSE:LEG) last posted its earnings results on Monday, October 28th. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.09. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Leggett & Platt had a net margin of 6.45% and a return on equity of 18.05%. The company’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 earnings per share. As a group, sell-side analysts predict that Leggett & Platt, Inc. will post 2.56 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.90%. Leggett & Platt’s payout ratio is presently 64.52%.
In other Leggett & Platt news, SVP Russell J. Iorio sold 26,475 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $51.86, for a total transaction of $1,372,993.50. Following the sale, the senior vice president now owns 81,667 shares of the company’s stock, valued at $4,235,250.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Phoebe A. Wood sold 23,260 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $54.50, for a total transaction of $1,267,670.00. Following the sale, the director now directly owns 53,404 shares in the company, valued at approximately $2,910,518. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 81,628 shares of company stock worth $4,180,713. Insiders own 1.45% of the company’s stock.
About Leggett & Platt
Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through four segments: Residential Products, Furniture Products, Industrial Products, and Specialized Products. The Residential Products segment offers innersprings, wire forms, and machines to shape wire into various types of springs; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions, and geo components.
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