American International Group Inc. Sells 7,574 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

American International Group Inc. lowered its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 4.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 180,076 shares of the company’s stock after selling 7,574 shares during the quarter. American International Group Inc.’s holdings in Leggett & Platt were worth $4,713,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Leggett & Platt by 0.9% during the third quarter. Vanguard Group Inc. now owns 12,946,981 shares of the company’s stock valued at $328,983,000 after purchasing an additional 117,499 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Leggett & Platt by 12.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,373,959 shares of the company’s stock valued at $62,127,000 after purchasing an additional 262,145 shares in the last quarter. Pacer Advisors Inc. boosted its position in Leggett & Platt by 68.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock valued at $50,636,000 after purchasing an additional 786,297 shares in the last quarter. Invesco Ltd. boosted its holdings in Leggett & Platt by 45.7% in the third 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 in the last quarter. Finally, Norges Bank acquired a new stake in Leggett & Platt in the fourth quarter worth about $26,814,000. Institutional investors own 64.23% of the company’s stock.

Analysts Set New Price Targets

LEG has been the subject of several recent analyst reports. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. The Goldman Sachs Group lowered their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Truist Financial lowered their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a report on Friday, May 3rd. Piper Sandler lowered their price target on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Finally, StockNews.com downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Leggett & Platt presently has an average rating of “Hold” and a consensus price target of $13.33.

Insider Activity at Leggett & Platt

In related news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of Leggett & Platt stock in a transaction that occurred on 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 transaction, the executive vice president now owns 41,535 shares in the company, valued at $556,153.65. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Leggett & Platt news, CEO Karl G. Glassman acquired 23,800 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the completion of the transaction, the chief executive officer now directly owns 1,151,891 shares of the company’s stock, valued at $13,223,708.68. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was acquired at an average price of $13.39 per share, with a total value of $133,900.00. Following the completion of the transaction, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at $556,153.65. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 65,635 shares of company stock worth $773,447. 1.57% of the stock is owned by corporate insiders.

Leggett & Platt Trading Up 1.8 %

Shares of NYSE:LEG opened at $12.08 on Friday. Leggett & Platt, Incorporated has a 52-week low of $10.11 and a 52-week high of $31.14. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -10.41 and a beta of 1.10. 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 business has a 50-day moving average price of $13.41 and a 200-day moving average price of $19.21.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data 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 positive return on equity of 11.31% and a negative net margin of 3.44%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. Equities analysts predict that Leggett & Platt, Incorporated will post 1.13 EPS for the current 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 given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.66%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s dividend payout ratio is currently -17.24%.

Leggett & Platt Company 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.