Cidel Asset Management Inc. raised its holdings in shares of Leggett & Platt, Inc. (NYSE:LEG) by 48.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,168 shares of the company’s stock after acquiring an additional 6,230 shares during the quarter. Cidel Asset Management Inc.’s holdings in Leggett & Platt were worth $860,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of the business. Penserra Capital Management LLC acquired a new position in shares of Leggett & Platt during the 1st quarter valued at about $26,000. Thor Advisors LLC acquired a new stake in Leggett & Platt in the first quarter worth $37,000. Advisory Services Network LLC increased its position in Leggett & Platt by 25.1% in the second quarter. Advisory Services Network LLC now owns 1,248 shares of the company’s stock worth $48,000 after buying an additional 250 shares during the period. Flagship Harbor Advisors LLC increased its position in Leggett & Platt by 386.0% in the second quarter. Flagship Harbor Advisors LLC now owns 1,322 shares of the company’s stock worth $50,000 after buying an additional 1,050 shares during the period. Finally, Quadrant Capital Group LLC acquired a new stake in Leggett & Platt in the first quarter worth $57,000. 78.00% of the stock is currently owned by institutional investors and hedge funds.
Shares of LEG traded up $0.32 during midday trading on Friday, reaching $42.50. 29,296 shares of the stock were exchanged, compared to its average volume of 953,184. Leggett & Platt, Inc. has a 12-month low of $33.48 and a 12-month high of $46.57. The firm has a 50 day simple moving average of $38.51 and a 200-day simple moving average of $39.95. The company has a quick ratio of 1.16, a current ratio of 1.89 and a debt-to-equity ratio of 2.01. The company has a market cap of $5.50 billion, a price-to-earnings ratio of 17.14, a P/E/G ratio of 1.31 and a beta of 1.08.
Leggett & Platt (NYSE:LEG) last released its earnings results on Monday, July 29th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.01. Leggett & Platt had a return on equity of 27.47% and a net margin of 6.44%. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the firm posted $0.63 EPS. Research analysts expect that Leggett & Platt, Inc. will post 2.45 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.76%. The ex-dividend date is Thursday, September 12th. Leggett & Platt’s dividend payout ratio is 64.52%.
A number of brokerages have recently commented on LEG. ValuEngine raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Tuesday. Raymond James lowered Leggett & Platt from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 24th. Finally, TheStreet lowered Leggett & Platt from a “b-” rating to a “c+” rating in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $42.00.
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.
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