Wedbush Securities Inc Lowers stake in Leggett & Platt (LEG)

Leggett & Platt (LEG) : Wedbush Securities Inc reduced its stake in Leggett & Platt by 10.1% during the most recent quarter end. The investment management company now holds a total of 59,240 shares of Leggett & Platt which is valued at $3,058,561 after selling 6,656 shares in Leggett & Platt , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Leggett & Platt makes up approximately 0.50% of Wedbush Securities Inc’s portfolio.

Other Hedge Funds, Including , Mitsubishi Ufj Kokusai Asset Management Ltd. boosted its stake in LEG in the latest quarter, The investment management firm added 350 additional shares and now holds a total of 20,190 shares of Leggett & Platt which is valued at $1,042,410. Leggett & Platt makes up approx 0.03% of Mitsubishi Ufj Kokusai Asset Management Ltd.’s portfolio.Oakworth Capital boosted its stake in LEG in the latest quarter, The investment management firm added 1,449 additional shares and now holds a total of 8,364 shares of Leggett & Platt which is valued at $447,223. Leggett & Platt makes up approx 0.16% of Oakworth Capital’s portfolio.Chevy Chase Trust Holdings boosted its stake in LEG in the latest quarter, The investment management firm added 252 additional shares and now holds a total of 114,749 shares of Leggett & Platt which is valued at $5,970,390. Leggett & Platt makes up approx 0.03% of Chevy Chase Trust Holdings’s portfolio.

Leggett & Platt opened for trading at $52.26 and hit $52.81 on the upside on Monday, eventually ending the session at $52.51, with a gain of 0.94% or 0.49 points. The heightened volatility saw the trading volume jump to 7,51,528 shares. Company has a market cap of $7,019 M.

On the company’s financial health, Leggett & Platt reported $0.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.63. The company had revenue of $958.30 million for the quarter, compared to analysts expectations of $1003.58 million. The company’s revenue was down -3.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.53 EPS.

Many Wall Street Analysts have commented on Leggett & Platt. Leggett & Platt was Downgraded by Raymond James to ” Mkt Perform” on Aug 1, 2016. Leggett & Platt was Downgraded by Hilliard Lyons to ” Underperform” on Jul 29, 2016.

Leggett & Platt Incorporated is a manufacturer that conceives designs and produces a range of engineered components and products found in homes offices automobiles and commercial aircraft. The Company operates in four segments: Residential Furnishings segment which manufactures steel coiled bedsprings; Commercial Fixturing & Components segment which include work furniture group that designs manufactures and distributes a range of engineered components and products primarily for the office seating market; Industrial Materials segment consists of wire group which operates a steel rod mill and tubing group which supplies welded steel tubing and Specialized Products segment designs manufactures and sells products including automotive seating components specialized machinery and equipment and service van interiors. Its brands include Semi-Flex ComfortCore Mira-Coil Lura-Flex Superlastic Super Sagless Tack & Jump Schukra Gribetz Masterack and Hanes among others.

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