Beacon Pointe Advisors LLC Raises Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Beacon Pointe Advisors LLC grew its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 72.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,078 shares of the company’s stock after purchasing an additional 13,923 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Leggett & Platt were worth $866,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. increased its position in Leggett & Platt by 68.5% in the 4th quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock valued at $50,636,000 after acquiring an additional 786,297 shares during the period. Qube Research & Technologies Ltd increased its position in Leggett & Platt by 329.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock worth $21,198,000 after purchasing an additional 640,015 shares during the period. Invesco Ltd. grew its holdings in shares of Leggett & Platt by 45.7% in the 3rd quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock worth $43,186,000 after acquiring an additional 532,780 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Leggett & Platt by 675.3% in the 3rd quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock worth $12,121,000 after acquiring an additional 415,641 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Leggett & Platt by 7.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,231,637 shares of the company’s stock worth $154,888,000 after acquiring an additional 405,363 shares during the period. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Trading Down 3.6 %

Shares of Leggett & Platt stock opened at $11.21 on Thursday. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89. The business’s fifty day moving average is $16.56 and its two-hundred day moving average is $21.04. Leggett & Platt, Incorporated has a fifty-two week low of $11.02 and a fifty-two week high of $32.86.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the company posted $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 predict that Leggett & Platt, Incorporated will post 1.13 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 annualized dividend and a dividend yield of 1.78%. Leggett & Platt’s dividend payout ratio is presently -158.62%.

Insider Activity

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was bought at an average cost 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 accessible through this hyperlink. Insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on LEG shares. Truist Financial lowered their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, May 3rd. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Tuesday, May 7th. The Goldman Sachs Group reduced their target price on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. TheStreet lowered Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Finally, Piper Sandler reduced their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $13.33.

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.