In a recent transaction on June 4th, Jennifer Joy Davis, the Executive Vice President and General Counsel of Leggett & Platt Inc. (NYSE:LEG), purchased shares of the company's common stock. The transaction involved 1,985 shares at a weighted average price of $12.4996, totaling approximately $24,811.
The price range for these purchases was from $12.47 to $12.51, as disclosed in the footnotes of the SEC filing. This indicates that the transactions were made at various prices within a narrow band, reflecting a consistent market value during the time of purchase.
Following the acquisition, Davis's ownership in the company has increased to a total of 42,147.7204 shares of common stock. This purchase by a high-ranking executive is often seen by investors as a sign of confidence in the company's future prospects.
Leggett & Platt, headquartered in Carthage, Missouri, is a diversified manufacturer that conceives, designs, and produces a broad variety of engineered components and products for homes, offices, and vehicles. The company is well-known for its household furniture and has a significant presence in the manufacturing sector.
The transaction was formally filed with the SEC and the details were made public for investors and market analysts. Such insider purchases are closely monitored as they can provide insights into an executive's view of the company's valuation and potential for growth.
Investors and stakeholders in Leggett & Platt may consider this purchase as part of their overall assessment of the company's stock performance and future direction.
InvestingPro Insights
Amidst the recent insider transaction by Leggett & Platt's Executive Vice President and General Counsel, Jennifer Joy Davis, the company's stock performance and financial metrics offer a mixed outlook. According to InvestingPro Data, Leggett & Platt has a market capitalization of approximately $1.64 billion, with a notable 1-week price total return of 17.44%. This recent uptick could reflect a short-term investor confidence, possibly bolstered by insider buying activities like that of Davis.
However, the company's performance over the last year paints a different picture, with a 1-year price total return of -58.83%, indicating significant depreciation in share value over a longer period. This is echoed by the company's price standing at 37.34% of its 52-week high. These metrics suggest that while there may be signs of recovery or undervaluation, the past year has been challenging for Leggett & Platt shareholders.
InvestingPro Tips highlight two contrasting aspects of the company's financial health. On the positive side, Leggett & Platt has a high shareholder yield and has maintained dividend payments for 54 consecutive years, showcasing its commitment to returning value to shareholders. However, the company's gross profit margins are considered weak, which could be a point of concern for potential investors. With a current dividend yield of 1.65%, the company appears to be maintaining its track record of consistent dividend payments despite recent market volatility.
For those interested in a deeper dive into Leggett & Platt's financials and stock performance, InvestingPro offers additional insights and tips. There are currently 15 more InvestingPro Tips available, which could provide valuable guidance for investors looking to make informed decisions about their investments in Leggett & Platt. To access these tips and more detailed analysis, visit https://www.investing.com/pro/LEG and don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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