Cambridge Investment Research Advisors Inc. lifted its stake in Leggett & Platt, Incorporated (NYSE:LEG – Free Report) by 46.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 90,145 shares of the company’s stock after buying an additional 28,621 shares during the period. Cambridge Investment Research Advisors Inc. owned about 0.07% of Leggett & Platt worth $2,359,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Leggett & Platt during the 4th quarter valued at $26,814,000. Pacer Advisors Inc. increased its holdings in Leggett & Platt by 68.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock valued at $50,636,000 after purchasing an additional 786,297 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in Leggett & Platt by 329.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock valued at $21,198,000 after purchasing an additional 640,015 shares in the last quarter. Invesco Ltd. increased its holdings in Leggett & Platt by 45.7% during the 3rd quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock valued at $43,186,000 after purchasing an additional 532,780 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Leggett & Platt by 675.3% during the 3rd quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock valued at $12,121,000 after purchasing an additional 415,641 shares in the last quarter. 64.23% of the stock is owned by institutional investors and hedge funds.
Leggett & Platt Trading Up 5.3 %
NYSE:LEG opened at $11.60 on Monday. Leggett & Platt, Incorporated has a 52-week low of $10.11 and a 52-week high of $32.86. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37. The stock’s 50-day simple moving average is $15.45 and its 200 day simple moving average is $20.41.
Leggett & Platt (NYSE:LEG – Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The company’s revenue was down 9.6% on a year-over-year basis. On average, analysts forecast that Leggett & Platt, Incorporated will post 1.13 EPS for the current fiscal year.
Leggett & Platt Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is currently -158.62%.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on LEG. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. TheStreet lowered Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Piper Sandler decreased their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Truist Financial decreased their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. Finally, The Goldman Sachs Group decreased their price objective on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.33.
Read Our Latest Research Report on LEG
Insider Activity at Leggett & Platt
In related news, Director Mark A. Blinn purchased 6,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average cost of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the purchase, the director now owns 32,302 shares in the company, valued at approximately $346,923.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Mark A. Blinn acquired 6,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the transaction, the director now directly owns 32,302 shares in the company, valued at $346,923.48. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the stock in a transaction on Thursday, May 30th. The shares were purchased at an average price of $10.95 per share, with a total value of $109,500.00. Following the completion of the transaction, the executive vice president now owns 52,110 shares of the company’s stock, valued at $570,604.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 26,000 shares of company stock worth $307,840. Company insiders own 1.92% of the company’s stock.
Leggett & Platt Profile
Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.
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