Traders Purchase Large Volume of Leggett & Platt Put Options (NYSE:LEG)

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Leggett & Platt, Incorporated (NYSE:LEG) was the target of some unusual options trading on Wednesday. Investors purchased 4,049 put options on the stock. This represents an increase of 756% compared to the typical volume of 473 put options.

A number of equities analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating and set a $45.00 target price on the stock. in a research report on Monday, February 8th. Raymond James cut shares of Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $48.00 target price for the company. in a research note on Wednesday, February 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $44.40.

NYSE:LEG opened at $46.51 on Thursday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.98 and a current ratio of 1.60. The company has a 50-day moving average of $45.85 and a 200-day moving average of $43.69. Leggett & Platt has a 52 week low of $24.01 and a 52 week high of $50.00. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of 27.36, a PEG ratio of 1.71 and a beta of 1.42.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Sunday, February 7th. The company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. Leggett & Platt had a net margin of 5.45% and a return on equity of 21.93%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company earned $0.27 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. Sell-side analysts forecast that Leggett & Platt will post 2.07 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Monday, March 15th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, March 12th. This represents a $1.60 dividend on an annualized basis and a yield of 3.44%. Leggett & Platt’s dividend payout ratio (DPR) is presently 62.26%.

In other Leggett & Platt news, Director Phoebe A. Wood sold 10,346 shares of the business’s stock in a transaction dated Thursday, February 18th. The stock was sold at an average price of $41.42, for a total value of $428,531.32. Following the completion of the sale, the director now owns 48,257 shares of the company’s stock, valued at $1,998,804.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.53% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Public Sector Pension Investment Board boosted its holdings in Leggett & Platt by 1.7% in the third quarter. Public Sector Pension Investment Board now owns 16,076 shares of the company’s stock valued at $662,000 after acquiring an additional 261 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in Leggett & Platt by 0.8% in the fourth quarter. Oppenheimer & Co. Inc. now owns 40,035 shares of the company’s stock valued at $1,773,000 after purchasing an additional 317 shares in the last quarter. Woodstock Corp increased its position in shares of Leggett & Platt by 2.5% in the 4th quarter. Woodstock Corp now owns 18,319 shares of the company’s stock valued at $812,000 after buying an additional 450 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Leggett & Platt by 2.2% in the fourth quarter. State of Alaska Department of Revenue now owns 23,092 shares of the company’s stock worth $1,022,000 after acquiring an additional 493 shares in the last quarter. Finally, Sowell Financial Services LLC increased its stake in Leggett & Platt by 61.3% during the 4th quarter. Sowell Financial Services LLC now owns 1,316 shares of the company’s stock worth $58,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 71.88% of the company’s stock.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to shape wires into innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.

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