Northwestern Mutual Investment Management Company LLC decreased its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 81.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,125 shares of the company’s stock after selling 21,910 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Leggett & Platt, were worth $262,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Capital Advisors Inc. OK bought a new stake in Leggett & Platt, during the second quarter worth approximately $348,000. Oppenheimer Asset Management Inc. raised its holdings in Leggett & Platt, by 25.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 3,137 shares of the company’s stock worth $165,000 after purchasing an additional 634 shares in the last quarter. Swiss National Bank raised its holdings in Leggett & Platt, by 2.8% during the second quarter. Swiss National Bank now owns 487,336 shares of the company’s stock worth $25,600,000 after purchasing an additional 13,500 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Leggett & Platt, by 0.4% during the second quarter. Principal Financial Group Inc. now owns 208,284 shares of the company’s stock worth $10,941,000 after purchasing an additional 839 shares in the last quarter. Finally, Pacer Advisors Inc. raised its holdings in Leggett & Platt, by 11.4% during the second quarter. Pacer Advisors Inc. now owns 20,223 shares of the company’s stock worth $1,062,000 after purchasing an additional 2,065 shares in the last quarter. 68.86% of the stock is currently owned by hedge funds and other institutional investors.
Leggett & Platt, Incorporated (NYSE LEG) opened at 45.50 on Wednesday. The company has a market cap of $6.02 billion, a PE ratio of 18.06 and a beta of 1.00. The firm has a 50 day moving average price of $46.36 and a 200 day moving average price of $50.37. Leggett & Platt, Incorporated has a 12-month low of $43.17 and a 12-month high of $54.97.
Leggett & Platt, (NYSE:LEG) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.01). Leggett & Platt, had a net margin of 9.17% and a return on equity of 31.02%. The business had revenue of $989.30 million during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the company earned $0.66 earnings per share. The company’s quarterly revenue was up 3.2% on a year-over-year basis. On average, analysts anticipate that Leggett & Platt, Incorporated will post $2.43 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.44 annualized dividend and a yield of 3.16%. Leggett & Platt,’s dividend payout ratio is currently 57.14%.
Several equities research analysts recently commented on LEG shares. Piper Jaffray Companies set a $59.00 target price on Leggett & Platt, and gave the stock a “buy” rating in a report on Monday, August 14th. BidaskClub raised Leggett & Platt, from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Credit Suisse Group started coverage on Leggett & Platt, in a report on Thursday, June 22nd. They set a “neutral” rating and a $56.00 target price on the stock. Finally, Zacks Investment Research cut Leggett & Platt, from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $55.63.
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In related news, insider Matthew C. Flanigan sold 19,589 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $49.58, for a total value of $971,222.62. Following the transaction, the insider now directly owns 159,522 shares in the company, valued at $7,909,100.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.78% of the company’s stock.
Leggett & Platt, Company Profile
Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.
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