AGF Management Ltd. lifted its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG – Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 100,236 shares of the company’s stock after purchasing an additional 2,289 shares during the quarter. AGF Management Ltd. owned about 0.08% of Leggett & Platt worth $3,196,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEG. New Mexico Educational Retirement Board raised its position in Leggett & Platt by 14.3% in the first quarter. New Mexico Educational Retirement Board now owns 24,000 shares of the company’s stock valued at $765,000 after purchasing an additional 3,000 shares during the period. Financial Counselors Inc. increased its holdings in Leggett & Platt by 4.7% in the first quarter. Financial Counselors Inc. now owns 333,535 shares of the company’s stock valued at $10,633,000 after buying an additional 15,102 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Leggett & Platt by 21.0% in the first quarter. Victory Capital Management Inc. now owns 140,069 shares of the company’s stock valued at $4,465,000 after buying an additional 24,352 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Leggett & Platt by 17.0% in the first quarter. Nisa Investment Advisors LLC now owns 25,430 shares of the company’s stock valued at $811,000 after buying an additional 3,700 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in Leggett & Platt in the first quarter valued at about $220,000. Institutional investors and hedge funds own 67.95% of the company’s stock.
Insider Activity
In related news, Director Phoebe A. Wood sold 6,000 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $32.61, for a total value of $195,660.00. Following the completion of the transaction, the director now owns 53,109 shares of the company’s stock, valued at $1,731,884.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.57% of the stock is owned by company insiders.
Leggett & Platt Trading Down 0.2 %
Leggett & Platt (NYSE:LEG – Get Free Report) last released its quarterly earnings results on Monday, May 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.13. Leggett & Platt had a net margin of 5.42% and a return on equity of 16.83%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the company earned $0.66 earnings per share. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. Analysts expect that Leggett & Platt, Incorporated will post 1.61 EPS for the current fiscal year.
Leggett & Platt Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Thursday, June 15th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 6.23%. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.44. Leggett & Platt’s dividend payout ratio is currently 92.00%.
Analyst Ratings Changes
Several brokerages have recently issued reports on LEG. The Goldman Sachs Group downgraded Leggett & Platt from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $39.00 to $34.00 in a research report on Tuesday, April 11th. StockNews.com began coverage on Leggett & Platt in a research report on Thursday, May 18th. They set a “hold” rating for the company.
Leggett & Platt 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, private label finished mattresses, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce 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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