Leggett & Platt, Incorporated (NYSE:LEG) Director Mark A. Blinn Purchases 6,000 Shares

Leggett & Platt, Incorporated (NYSE:LEG) Director Mark A. Blinn bought 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $10.74 per share, with a total value 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 filing with the SEC, which is available at the SEC website.

Leggett & Platt Stock Down 0.7 %

NYSE LEG traded down $0.07 on Friday, reaching $10.64. The company had a trading volume of 3,430,952 shares, compared to its average volume of 3,452,411. 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 has a market capitalization of $1.43 billion, a P/E ratio of -9.17 and a beta of 1.19. The company’s fifty day moving average is $16.24 and its 200 day moving average is $20.88. Leggett & Platt, Incorporated has a 52-week low of $10.44 and a 52-week high of $32.86.

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. Sell-side analysts anticipate that Leggett & Platt, Incorporated will post 1.13 earnings per share 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 issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is currently -158.62%.

Institutional Trading of Leggett & Platt

Hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in Leggett & Platt by 41.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,377 shares of the company’s stock worth $365,000 after purchasing an additional 4,186 shares during the period. Teacher Retirement System of Texas raised its holdings in Leggett & Platt by 34.0% during the 3rd quarter. Teacher Retirement System of Texas now owns 20,521 shares of the company’s stock valued at $521,000 after acquiring an additional 5,209 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Leggett & Platt by 139.2% during the third quarter. Daiwa Securities Group Inc. now owns 7,917 shares of the company’s stock worth $201,000 after acquiring an additional 4,607 shares in the last quarter. M&T Bank Corp boosted its holdings in shares of Leggett & Platt by 2.4% in the third quarter. M&T Bank Corp now owns 52,926 shares of the company’s stock worth $1,345,000 after acquiring an additional 1,228 shares during the period. Finally, Nisa Investment Advisors LLC grew its position in shares of Leggett & Platt by 30.6% in the third quarter. Nisa Investment Advisors LLC now owns 26,480 shares of the company’s stock valued at $673,000 after purchasing an additional 6,210 shares in the last quarter. Institutional investors own 64.23% of the company’s stock.

Analyst Ratings Changes

LEG has been the subject of several recent research reports. The Goldman Sachs Group decreased their price objective on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Tuesday, May 7th. TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Truist Financial lowered their target price on shares of Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, May 3rd. Finally, Piper Sandler dropped their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $13.33.

About Leggett & Platt

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.