Federated Hermes Inc. Sells 1,920 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Federated Hermes Inc. trimmed its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 10.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,721 shares of the company’s stock after selling 1,920 shares during the period. Federated Hermes Inc.’s holdings in Leggett & Platt were worth $438,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in LEG. Pacer Advisors Inc. grew its holdings in shares of Leggett & Platt by 68.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock worth $50,636,000 after purchasing an additional 786,297 shares during the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of Leggett & Platt by 329.6% in the third quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock worth $21,198,000 after acquiring an additional 640,015 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Leggett & Platt by 45.7% during the third quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock worth $43,186,000 after buying an additional 532,780 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Leggett & Platt by 675.3% during the third quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock worth $12,121,000 after buying an additional 415,641 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Leggett & Platt by 7.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,231,637 shares of the company’s stock valued at $154,888,000 after purchasing an additional 405,363 shares in the last quarter. Institutional investors own 64.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. TheStreet cut Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Piper Sandler reduced 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. StockNews.com downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a report on Monday, March 11th. The Goldman Sachs Group cut their target price on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Truist Financial dropped their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research note on Friday. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.33.

Insider Activity

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of Leggett & Platt stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the completion of the purchase, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at $556,153.65. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.57% of the company’s stock.

Leggett & Platt Stock Up 2.9 %

LEG stock opened at $13.95 on Friday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.84 and a current ratio of 1.57. The stock’s 50 day simple moving average is $18.63 and its 200 day simple moving average is $22.08. The company has a market cap of $1.87 billion, a P/E ratio of -12.03 and a beta of 1.19. Leggett & Platt, Incorporated has a fifty-two week low of $11.02 and a fifty-two week high of $33.11.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, research analysts expect that Leggett & Platt, Incorporated will post 1.17 earnings per share for the current fiscal year.

Leggett & Platt Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s dividend payout ratio is currently -158.62%.

Leggett & Platt Company 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.