Municipal Employees Retirement System of Michigan Cuts Stock Position in Leggett & Platt, Inc. (NYSE:LEG)

Municipal Employees Retirement System of Michigan lessened its stake in Leggett & Platt, Inc. (NYSE:LEG) by 6.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 25,590 shares of the company’s stock after selling 1,630 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Leggett & Platt were worth $982,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Penserra Capital Management LLC acquired a new stake in Leggett & Platt in the first quarter worth about $26,000. Thor Advisors LLC acquired a new stake in Leggett & Platt in the first quarter worth about $37,000. Flagship Harbor Advisors LLC boosted its holdings 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 acquiring an additional 1,050 shares in the last quarter. Quadrant Capital Group LLC acquired a new stake in Leggett & Platt in the first quarter worth about $57,000. Finally, Dupont Capital Management Corp acquired a new stake in Leggett & Platt in the first quarter worth about $84,000. Institutional investors own 76.96% of the company’s stock.

Leggett & Platt stock opened at $37.58 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.89 and a debt-to-equity ratio of 2.01. Leggett & Platt, Inc. has a 52 week low of $33.48 and a 52 week high of $46.71. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 1.22 and a beta of 1.08. The stock has a 50-day moving average price of $38.91 and a 200 day moving average price of $40.65.

Leggett & Platt (NYSE:LEG) last released its earnings results on Monday, July 29th. The company reported $0.64 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. Research analysts anticipate that Leggett & Platt, Inc. will post 2.45 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend is Thursday, September 12th. Leggett & Platt’s dividend payout ratio (DPR) is 64.52%.

Several equities research analysts have weighed in on LEG shares. Zacks Investment Research downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Raymond James downgraded Leggett & Platt from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 24th. ValuEngine downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, TheStreet downgraded Leggett & Platt from a “b-” rating to a “c+” rating in a report on Friday, May 31st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $42.00.

About Leggett & Platt

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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Institutional Ownership by Quarter for Leggett & Platt (NYSE:LEG)

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