Louisiana State Employees Retirement System Invests $594,000 in Leggett & Platt, Incorporated $LEG

Louisiana State Employees Retirement System bought a new stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 60,100 shares of the company’s stock, valued at approximately $594,000.

A number of other hedge funds have also recently bought and sold shares of the company. M&T Bank Corp grew its stake in shares of Leggett & Platt by 8,333.0% in the 4th quarter. M&T Bank Corp now owns 1,132,132 shares of the company’s stock worth $12,453,000 after purchasing an additional 1,118,707 shares during the last quarter. Vanguard Group Inc. grew its position in Leggett & Platt by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock worth $208,890,000 after buying an additional 282,940 shares during the last quarter. Invenomic Capital Management LP grew its position in Leggett & Platt by 44.1% in the third quarter. Invenomic Capital Management LP now owns 2,344,306 shares of the company’s stock worth $20,817,000 after buying an additional 717,079 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Leggett & Platt by 165.5% in the third quarter. JPMorgan Chase & Co. now owns 657,997 shares of the company’s stock valued at $5,843,000 after buying an additional 410,171 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Leggett & Platt by 602.2% during the 4th quarter. SG Americas Securities LLC now owns 370,643 shares of the company’s stock valued at $4,077,000 after acquiring an additional 317,861 shares during the last quarter. 64.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Weiss Ratings upgraded Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th. Zacks Research downgraded Leggett & Platt from a “hold” rating to a “strong sell” rating in a report on Thursday, May 14th. Finally, Truist Financial decreased 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 Friday, May 8th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Leggett & Platt presently has a consensus rating of “Reduce” and an average price target of $11.33.

Leggett & Platt Stock Performance

Shares of LEG opened at $11.26 on Wednesday. The company’s fifty day moving average is $10.56 and its 200-day moving average is $11.01. Leggett & Platt, Incorporated has a 12 month low of $7.86 and a 12 month high of $13.00. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 6.99 and a beta of 0.71. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.11). The business had revenue of $918.20 million during the quarter, compared to analyst estimates of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 EPS. Equities analysts expect that Leggett & Platt, Incorporated will post 0.9 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Monday, June 15th. Leggett & Platt’s dividend payout ratio is 12.42%.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.