Leggett & Platt, Inc. (LEG) Position Cut by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its holdings in shares of Leggett & Platt, Inc. (NYSE:LEG) by 7.7% in the first quarter, HoldingsChannel.com reports. The fund owned 597,157 shares of the company’s stock after selling 49,766 shares during the quarter. JPMorgan Chase & Co.’s holdings in Leggett & Platt were worth $26,490,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of LEG. Mutual of America Capital Management LLC raised its position in Leggett & Platt by 7.0% during the 4th quarter. Mutual of America Capital Management LLC now owns 18,233 shares of the company’s stock valued at $870,000 after purchasing an additional 1,186 shares in the last quarter. Advisor Group Inc. raised its position in Leggett & Platt by 3.2% during the 4th quarter. Advisor Group Inc. now owns 38,160 shares of the company’s stock valued at $1,821,000 after purchasing an additional 1,189 shares in the last quarter. BerganKDV Wealth Management LLC raised its position in Leggett & Platt by 8.1% during the 1st quarter. BerganKDV Wealth Management LLC now owns 17,414 shares of the company’s stock valued at $772,000 after purchasing an additional 1,306 shares in the last quarter. Morgan Dempsey Capital Management LLC raised its position in Leggett & Platt by 1.8% during the 4th quarter. Morgan Dempsey Capital Management LLC now owns 82,531 shares of the company’s stock valued at $3,939,000 after purchasing an additional 1,432 shares in the last quarter. Finally, Amalgamated Bank raised its position in Leggett & Platt by 5.4% during the 4th quarter. Amalgamated Bank now owns 28,296 shares of the company’s stock valued at $1,351,000 after purchasing an additional 1,446 shares in the last quarter. Institutional investors own 76.42% of the company’s stock.

In other news, insider Karl G. Glassman sold 10,000 shares of the business’s stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $47.41, for a total value of $474,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Ted Enloe III sold 5,328 shares of the business’s stock in a transaction on Friday, June 1st. The stock was sold at an average price of $41.47, for a total value of $220,952.16. Following the completion of the transaction, the director now directly owns 38,376 shares of the company’s stock, valued at $1,591,452.72. The disclosure for this sale can be found here. Insiders own 1.52% of the company’s stock.

Leggett & Platt opened at $44.72 on Wednesday, according to Marketbeat. The firm has a market capitalization of $5.83 billion, a PE ratio of 18.18, a P/E/G ratio of 1.53 and a beta of 0.90. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.85 and a quick ratio of 1.23. Leggett & Platt, Inc. has a 12 month low of $39.57 and a 12 month high of $53.96.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, April 26th. The company reported $0.57 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.02). The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. Leggett & Platt had a return on equity of 27.92% and a net margin of 7.09%. The company’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.62 earnings per share. research analysts expect that Leggett & Platt, Inc. will post 2.65 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Stockholders of record on Friday, June 15th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.40%. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, June 14th. Leggett & Platt’s payout ratio is presently 58.54%.

A number of equities research analysts have weighed in on the company. Zacks Investment Research lowered Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Friday, June 8th. Stifel Nicolaus raised Leggett & Platt from a “hold” rating to a “buy” rating and lifted their target price for the company from $48.00 to $50.00 in a research report on Thursday, May 31st. ValuEngine lowered Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. SunTrust Banks decreased their target price on Leggett & Platt to $48.00 and set a “buy” rating for the company in a research report on Tuesday, May 1st. Finally, Credit Suisse Group decreased their target price on Leggett & Platt from $51.00 to $46.00 and set a “neutral” rating for the company in a research report on Friday, April 27th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $51.43.

Leggett & Platt Company 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.

Want to see what other hedge funds are holding LEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Leggett & Platt, Inc. (NYSE:LEG).

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

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