Wedge Capital Management L L P NC Makes New $32.65 Million Investment in Leggett & Platt, Inc. (NYSE:LEG)

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Wedge Capital Management L L P NC acquired a new position in shares of Leggett & Platt, Inc. (NYSE:LEG) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 642,413 shares of the company’s stock, valued at approximately $32,654,000.

Several other institutional investors also recently bought and sold shares of the company. Penserra Capital Management LLC grew its position in shares of Leggett & Platt by 25.0% during the third quarter. Penserra Capital Management LLC now owns 1,280 shares of the company’s stock worth $52,000 after buying an additional 256 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in Leggett & Platt by 0.7% in the third quarter. Public Employees Retirement System of Ohio now owns 43,397 shares of the company’s stock valued at $1,777,000 after acquiring an additional 312 shares in the last quarter. Eqis Capital Management Inc. lifted its stake in Leggett & Platt by 3.7% in the third quarter. Eqis Capital Management Inc. now owns 9,116 shares of the company’s stock worth $373,000 after acquiring an additional 326 shares during the last quarter. Lido Advisors LLC lifted its stake in Leggett & Platt by 5.1% in the second quarter. Lido Advisors LLC now owns 6,916 shares of the company’s stock worth $268,000 after acquiring an additional 335 shares during the last quarter. Finally, BBVA USA Bancshares Inc. grew its holdings in Leggett & Platt by 5.6% during the 3rd quarter. BBVA USA Bancshares Inc. now owns 7,223 shares of the company’s stock worth $296,000 after acquiring an additional 381 shares in the last quarter. 77.62% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have commented on LEG shares. Stifel Nicolaus downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating and increased their price objective for the company from $52.00 to $55.00 in a research report on Tuesday, November 19th. CJS Securities cut shares of Leggett & Platt from an “outperform” rating to a “market perform” rating and set a $54.00 price objective for the company. in a research report on Tuesday, December 10th. ValuEngine upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. TheStreet raised Leggett & Platt from a “c+” rating to a “b-” rating in a report on Friday, September 27th. Finally, SunTrust Banks cut 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 seven have assigned a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $54.50.

In related news, Director Robert Ted Enloe III sold 6,849 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $52.58, for a total value of $360,120.42. Following the completion of the sale, the director now directly owns 39,166 shares of the company’s stock, valued at $2,059,348.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joseph W. Mcclanathan sold 4,399 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $54.79, for a total transaction of $241,021.21. Following the completion of the sale, the director now directly owns 25,455 shares of the company’s stock, valued at $1,394,679.45. The disclosure for this sale can be found here. Insiders have sold a total of 89,155 shares of company stock valued at $4,701,393 in the last 90 days. Insiders own 1.45% of the company’s stock.

Shares of NYSE LEG opened at $50.99 on Thursday. The stock’s 50-day simple moving average is $51.14 and its 200-day simple moving average is $44.48. The firm has a market capitalization of $6.67 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 1.43 and a beta of 1.09. Leggett & Platt, Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $55.42. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.05 and a current ratio of 1.74.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.09. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.21 billion. Leggett & Platt had a return on equity of 28.04% and a net margin of 6.45%. The firm’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 earnings per share. On average, sell-side analysts forecast that Leggett & Platt, Inc. will post 2.56 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th were given a dividend of $0.40 per share. The ex-dividend date was Thursday, December 12th. This represents a $1.60 annualized dividend and a dividend yield of 3.14%. Leggett & Platt’s dividend payout ratio is presently 64.52%.

Leggett & Platt Profile

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.

Further Reading: What is a back-end load?

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Institutional Ownership by Quarter for Leggett & Platt (NYSE:LEG)

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