Balefire LLC Takes $726,000 Position in Leggett & Platt, Incorporated $LEG

Balefire LLC acquired a new stake in Leggett & Platt, Incorporated (NYSE:LEG) in the 1st quarter, Holdings Channel reports. The firm acquired 73,481 shares of the company’s stock, valued at approximately $726,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hantz Financial Services Inc. increased its position in Leggett & Platt by 32.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after acquiring an additional 783 shares during the period. Optimize Financial Inc increased its holdings in shares of Leggett & Platt by 1.5% during the 4th quarter. Optimize Financial Inc now owns 60,507 shares of the company’s stock worth $666,000 after purchasing an additional 868 shares during the period. Jones Financial Companies Lllp raised its position in shares of Leggett & Platt by 8.4% during the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after buying an additional 1,132 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Leggett & Platt by 12.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 10,271 shares of the company’s stock valued at $113,000 after buying an additional 1,152 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Leggett & Platt by 1.8% in the fourth quarter. State of Alaska Department of Revenue now owns 76,948 shares of the company’s stock valued at $845,000 after buying an additional 1,338 shares during the period. Institutional investors and hedge funds own 64.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on LEG. Zacks Research downgraded Leggett & Platt from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 14th. Truist Financial cut their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Friday, May 8th. Finally, Weiss Ratings upgraded Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Leggett & Platt currently has a consensus rating of “Reduce” and an average price target of $11.33.

Leggett & Platt Trading Down 2.6%

Shares of Leggett & Platt stock opened at $10.74 on Tuesday. Leggett & Platt, Incorporated has a 12-month low of $7.86 and a 12-month high of $13.00. The stock has a market capitalization of $1.47 billion, a P/E ratio of 6.67 and a beta of 0.71. The company has a 50-day simple moving average of $10.60 and a 200 day simple moving average of $11.01. 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 issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.11). The firm had revenue of $918.20 million for the quarter, compared to the consensus estimate of $946.79 million. Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.Leggett & Platt’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 earnings per share. Research analysts expect that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, June 15th. Leggett & Platt’s payout ratio is presently 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.