Palisade Asset Management LLC boosted its holdings in Leggett & Platt, Inc. (NYSE:LEG) by 0.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 62,011 shares of the company’s stock after acquiring an additional 400 shares during the period. Palisade Asset Management LLC’s holdings in Leggett & Platt were worth $2,222,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of LEG. GSA Capital Partners LLP purchased a new position in Leggett & Platt in the 2nd quarter worth about $504,000. Dimensional Fund Advisors LP raised its position in Leggett & Platt by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,148,689 shares of the company’s stock worth $51,277,000 after buying an additional 113,801 shares during the last quarter. FMR LLC raised its position in Leggett & Platt by 31.4% in the 2nd quarter. FMR LLC now owns 53,563 shares of the company’s stock worth $2,391,000 after buying an additional 12,796 shares during the last quarter. Baird Financial Group Inc. purchased a new position in Leggett & Platt in the 2nd quarter worth about $254,000. Finally, OppenheimerFunds Inc. raised its position in Leggett & Platt by 18.0% in the 2nd quarter. OppenheimerFunds Inc. now owns 9,030 shares of the company’s stock worth $403,000 after buying an additional 1,375 shares during the last quarter. 75.62% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have weighed in on the company. Zacks Investment Research raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Thursday, September 20th. ValuEngine downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. SunTrust Banks cut their price target on Leggett & Platt to $40.00 and set an “outperform” rating for the company in a research note on Tuesday, October 30th. Raymond James downgraded Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $44.00 price target for the company. in a research note on Monday, October 29th. Finally, TheStreet downgraded Leggett & Platt from a “b-” rating to a “c+” rating in a research note on Friday, October 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $46.17.
Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, October 25th. The company reported $0.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.05). The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.10 billion. Leggett & Platt had a net margin of 6.87% and a return on equity of 28.37%. Research analysts anticipate that Leggett & Platt, Inc. will post 2.44 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Friday, December 14th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 13th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.93%. Leggett & Platt’s dividend payout ratio is currently 61.79%.
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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.
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