Leggett & Platt, Incorporated (NYSE:LEG) Stake Lessened by Radnor Capital Management LLC

Radnor Capital Management LLC trimmed its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 29.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,051 shares of the company’s stock after selling 6,226 shares during the quarter. Radnor Capital Management LLC’s holdings in Leggett & Platt were worth $288,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Leggett & Platt in the 4th quarter valued at approximately $26,814,000. Pacer Advisors Inc. increased its stake 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 during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Leggett & Platt by 329.6% during the third 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. lifted its position 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 buying an additional 532,780 shares during the last quarter. Finally, Hsbc Holdings PLC boosted 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 valued at $12,121,000 after buying an additional 415,641 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Srikanth Padmanabhan acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were acquired at an average price of $12.06 per share, for a total transaction of $120,600.00. Following the completion of the purchase, the director now directly owns 38,623 shares of the company’s stock, valued at $465,793.38. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Leggett & Platt news, CFO Benjamin Michael Burns purchased 3,850 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was bought at an average cost of $12.20 per share, with a total value of $46,970.00. Following the acquisition, the chief financial officer now owns 81,362 shares of the company’s stock, valued at $992,616.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Srikanth Padmanabhan acquired 10,000 shares of Leggett & Platt stock in a transaction dated Wednesday, June 5th. The shares were acquired at an average price of $12.06 per share, with a total value of $120,600.00. Following the transaction, the director now owns 38,623 shares in the company, valued at approximately $465,793.38. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 65,635 shares of company stock worth $773,447. 1.57% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on LEG shares. StockNews.com lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Wednesday, June 19th. The Goldman Sachs Group cut their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Piper Sandler lowered their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Truist Financial cut their target price on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Finally, TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.33.

Leggett & Platt Price Performance

Shares of LEG stock opened at $12.04 on Monday. Leggett & Platt, Incorporated has a 12-month low of $10.11 and a 12-month high of $31.14. 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 has a 50 day simple moving average of $13.41 and a 200 day simple moving average of $19.17.

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 analysts’ consensus estimates of $0.24 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The company’s revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 EPS. Sell-side analysts anticipate that Leggett & Platt, Incorporated will post 1.13 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders 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 yield of 1.66%. Leggett & Platt’s payout ratio is -17.24%.

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.