MQS Management LLC Acquires 1,027 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

MQS Management LLC grew its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 8.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,366 shares of the company’s stock after buying an additional 1,027 shares during the period. MQS Management LLC’s holdings in Leggett & Platt were worth $256,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Leggett & Platt by 12.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,373,959 shares of the company’s stock worth $62,127,000 after purchasing an additional 262,145 shares during the period. Beacon Pointe Advisors LLC increased its stake in Leggett & Platt by 72.7% during the 4th quarter. Beacon Pointe Advisors LLC now owns 33,078 shares of the company’s stock valued at $866,000 after purchasing an additional 13,923 shares in the last quarter. Private Advisor Group LLC raised its holdings in Leggett & Platt by 8.6% during the fourth quarter. Private Advisor Group LLC now owns 19,610 shares of the company’s stock worth $513,000 after buying an additional 1,551 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Leggett & Platt by 0.9% in the third quarter. Vanguard Group Inc. now owns 12,946,981 shares of the company’s stock valued at $328,983,000 after buying an additional 117,499 shares in the last quarter. Finally, South Dakota Investment Council grew its holdings in shares of Leggett & Platt by 52.9% during the fourth quarter. South Dakota Investment Council now owns 145,846 shares of the company’s stock valued at $3,817,000 after buying an additional 50,438 shares during the last quarter. Institutional investors own 64.23% of the company’s stock.

Wall Street Analyst Weigh In

LEG has been the subject of a number of analyst reports. The Goldman Sachs Group cut their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Piper Sandler decreased their price target on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Truist Financial lowered their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, June 27th. Finally, StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Saturday, July 6th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $12.00.

Leggett & Platt Price Performance

Leggett & Platt stock traded up $0.22 during mid-day trading on Friday, reaching $13.07. 138,998 shares of the company’s stock were exchanged, compared to its average volume of 2,614,592. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57. The business’s fifty day simple moving average is $11.64 and its 200 day simple moving average is $16.88. Leggett & Platt, Incorporated has a one year low of $10.11 and a one year high of $30.69.

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

Leggett & Platt Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 14th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is -17.24%.

Insider Activity

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average cost of $13.39 per share, with a total value of $133,900.00. Following the acquisition, the executive vice president now owns 41,535 shares in the company, valued at $556,153.65. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were acquired at an average price of $13.39 per share, with a total value of $133,900.00. Following the acquisition, the executive vice president now owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Benjamin Michael Burns acquired 3,850 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average cost of $12.20 per share, with a total value of $46,970.00. Following the purchase, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The disclosure for this purchase can be found here. Insiders have bought 65,635 shares of company stock valued at $773,447 in the last 90 days. Insiders own 1.57% 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.