OLD Republic International Corp boosted its stake in Leggett & Platt, Inc. (NYSE:LEG) by 9.8% during the 1st quarter, HoldingsChannel reports. The firm owned 1,316,500 shares of the company’s stock after buying an additional 117,000 shares during the quarter. Leggett & Platt makes up about 1.5% of OLD Republic International Corp’s holdings, making the stock its 21st biggest position. OLD Republic International Corp’s holdings in Leggett & Platt were worth $55,583,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in LEG. Oregon Public Employees Retirement Fund lifted its stake in Leggett & Platt by 3,237.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,006,531 shares of the company’s stock worth $28,000 after purchasing an additional 976,369 shares in the last quarter. Intercontinental Wealth Advisors LLC purchased a new stake in Leggett & Platt in the 4th quarter worth $30,000. Legacy Advisors LLC purchased a new stake in Leggett & Platt in the 1st quarter worth $51,000. CSat Investment Advisory L.P. lifted its stake in Leggett & Platt by 90.4% in the 4th quarter. CSat Investment Advisory L.P. now owns 1,455 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares in the last quarter. Finally, Pinnacle Bank purchased a new stake in Leggett & Platt in the 4th quarter worth $82,000. Institutional investors and hedge funds own 79.85% of the company’s stock.
In other news, SVP Russell J. Iorio sold 16,042 shares of the business’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $45.73, for a total value of $733,600.66. Following the sale, the senior vice president now directly owns 71,149 shares in the company, valued at approximately $3,253,643.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Scott S. Douglas sold 18,450 shares of the business’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $45.22, for a total transaction of $834,309.00. Following the completion of the sale, the senior vice president now owns 51,187 shares in the company, valued at $2,314,676.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,635 shares of company stock worth $2,012,477. Insiders own 1.45% of the company’s stock.
Leggett & Platt (NYSE:LEG) last posted its earnings results on Monday, February 4th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.05. Leggett & Platt had a net margin of 7.16% and a return on equity of 28.99%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the firm posted $0.59 EPS. The business’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, sell-side analysts expect that Leggett & Platt, Inc. will post 2.51 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were issued a $0.38 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.62%. Leggett & Platt’s dividend payout ratio (DPR) is presently 61.29%.
LEG has been the topic of several research analyst reports. Zacks Investment Research cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Thursday, February 7th. TheStreet upgraded shares of Leggett & Platt from a “c+” rating to a “b-” rating in a research note on Friday, March 1st. Finally, Gabelli cut shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Wednesday, February 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Leggett & Platt has an average rating of “Hold” and an average price target of $44.67.
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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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