Bank & Trust Co Cuts Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Bank & Trust Co cut its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 32.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,706 shares of the company’s stock after selling 1,806 shares during the quarter. Bank & Trust Co’s holdings in Leggett & Platt were worth $36,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in LEG. Pacer Advisors Inc. lifted its position in shares of Leggett & Platt by 426.2% during the second quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock valued at $160,923,000 after buying an additional 11,373,507 shares during the last quarter. AQR Capital Management LLC boosted its stake in Leggett & Platt by 1,098.0% in the second quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after acquiring an additional 1,838,009 shares in the last quarter. Wellington Management Group LLP purchased a new position in Leggett & Platt in the third quarter worth $15,735,000. Invenomic Capital Management LP increased its position in shares of Leggett & Platt by 384.1% during the third quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock worth $12,550,000 after purchasing an additional 731,132 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Leggett & Platt by 3,264.5% during the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock valued at $9,437,000 after purchasing an additional 672,290 shares during the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their target price for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Performance

Shares of Leggett & Platt stock traded up $0.20 on Tuesday, reaching $9.75. 643,372 shares of the stock were exchanged, compared to its average volume of 1,496,598. Leggett & Platt, Incorporated has a twelve month low of $9.18 and a twelve month high of $26.07. The business has a 50 day moving average price of $11.34 and a two-hundred day moving average price of $12.09. The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -1.62 and a beta of 1.11.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 annualized dividend and a dividend yield of 2.05%. Leggett & Platt’s dividend payout ratio (DPR) is presently -3.33%.

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.