Rhumbline Advisers boosted its position in Leggett & Platt, Incorporated (NYSE:LEG – Free Report) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 410,101 shares of the company’s stock after purchasing an additional 9,259 shares during the quarter. Rhumbline Advisers owned approximately 0.31% of Leggett & Platt worth $12,147,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in LEG. State Street Corp raised its holdings in Leggett & Platt by 35.5% in the first quarter. State Street Corp now owns 14,506,308 shares of the company’s stock worth $510,661,000 after purchasing an additional 3,803,469 shares in the last quarter. Norges Bank bought a new position in Leggett & Platt during the 4th quarter valued at approximately $30,894,000. Renaissance Technologies LLC raised its stake in Leggett & Platt by 453.3% during the first quarter. Renaissance Technologies LLC now owns 713,700 shares of the company’s stock valued at $24,837,000 after buying an additional 584,700 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Leggett & Platt by 98.5% in the first quarter. Goldman Sachs Group Inc. now owns 909,044 shares of the company’s stock worth $31,635,000 after acquiring an additional 451,175 shares in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Leggett & Platt by 2.9% in the first quarter. BlackRock Inc. now owns 14,575,438 shares of the company’s stock worth $507,226,000 after acquiring an additional 406,267 shares during the last quarter. Institutional investors own 60.26% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on the stock. StockNews.com initiated coverage on shares of Leggett & Platt in a report on Thursday, October 5th. They issued a “hold” rating for the company. Piper Sandler cut their target price on shares of Leggett & Platt from $21.00 to $18.00 and set an “underweight” rating for the company in a research report on Wednesday, November 1st. The Goldman Sachs Group cut their target price on shares of Leggett & Platt from $27.00 to $24.00 and set a “neutral” rating for the company in a research report on Wednesday, November 1st. Finally, Truist Financial cut their target price on shares of Leggett & Platt from $26.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, November 1st.
Leggett & Platt Stock Performance
Shares of NYSE LEG opened at $23.50 on Tuesday. The firm has a 50 day moving average of $24.38 and a 200 day moving average of $28.01. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 14.97 and a beta of 1.26. Leggett & Platt, Incorporated has a 12-month low of $22.50 and a 12-month high of $38.55.
Leggett & Platt (NYSE:LEG – Get Free Report) last announced its earnings results on Monday, October 30th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.04). The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.24 billion. Leggett & Platt had a net margin of 4.44% and a return on equity of 12.47%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.52 earnings per share. On average, research analysts anticipate that Leggett & Platt, Incorporated will post 1.39 earnings per share for the current year.
Leggett & Platt Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 15th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 7.83%. Leggett & Platt’s dividend payout ratio (DPR) is presently 117.20%.
About Leggett & Platt
Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, private label finished mattresses, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.
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