Raymond James Downgrades Leggett & Platt to Market Perform

Brokerage firm Raymond James Downgrades its rating on Leggett & Platt(NYSE:LEG). The shares have been rated Market Perform. Previously, the analysts had a Outperform rating on the shares. The rating by Raymond James was issued on Aug 1, 2016.

Leggett & Platt (LEG) made into the market gainers list on Mondays trading session with the shares advancing 0.94% or 0.49 points. Due to strong positive momentum, the stock ended at $52.51, which is also near the day’s high of $52.81. The stock began the session at $52.26 and the volume stood at 7,51,528 shares. The 52-week high of the shares is $54.625 and the 52 week low is $36.64. The company has a current market capitalization of $7,019 M and it has 13,36,71,613 shares in outstanding.

Leggett & Platt(LEG) last announced its earnings results on Jul 28, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $958.90M. Analysts had an estimated revenue of $1.00B. Earnings per share were $0.66. Analysts had estimated an EPS of $0.62.

Several Insider Transactions has been reported to the SEC. On Jun 20, 2016, Karl G Glassman (President & CEO) sold 22,580 shares at $50.07 per share price.Also, On Jun 6, 2016, Matthew C Flanigan (Executive Vice President – CFO) sold 20,000 shares at $51.01 per share price.On May 27, 2016, Dennis S Park (Senior Vice President) sold 2,000 shares at $49.51 per share price, according to the Form-4 filing with the securities and exchange commission.

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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