Fifth Third Bancorp Acquires 2,670 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Fifth Third Bancorp increased its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 367.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,396 shares of the company’s stock after buying an additional 2,670 shares during the period. Fifth Third Bancorp’s holdings in Leggett & Platt were worth $39,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. CVA Family Office LLC bought a new position in shares of Leggett & Platt in the second quarter worth $36,000. Abich Financial Wealth Management LLC grew its holdings in Leggett & Platt by 93.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after buying an additional 931 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Leggett & Platt during the fourth quarter valued at about $40,000. Quadrant Capital Group LLC lifted its holdings in shares of Leggett & Platt by 56.2% in the fourth quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock worth $56,000 after buying an additional 766 shares in the last quarter. Finally, Bank & Trust Co bought a new position in shares of Leggett & Platt in the second quarter valued at approximately $63,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Stock Performance

NYSE:LEG opened at $12.94 on Tuesday. Leggett & Platt, Incorporated has a 1-year low of $10.11 and a 1-year high of $28.53. 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 moving average of $12.16 and a 200 day moving average of $15.00. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of -11.15 and a beta of 1.08.

Leggett & Platt (NYSE:LEG) last released its earnings results on Thursday, August 1st. The company reported $0.29 EPS for the quarter, meeting the consensus estimate of $0.29. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 10.98%. On average, sell-side analysts predict that Leggett & Platt, Incorporated will post 1.11 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Friday, September 13th. Leggett & Platt’s dividend payout ratio (DPR) is presently -17.24%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Truist Financial boosted their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Piper Sandler dropped their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. The Goldman Sachs Group decreased their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Monday, August 19th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.67.

Insider Activity at Leggett & Platt

In related news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the stock in a transaction on Thursday, May 30th. The stock was purchased at an average price of $10.95 per share, for a total transaction of $109,500.00. Following the completion of the transaction, the executive vice president now owns 52,110 shares of the company’s stock, valued at approximately $570,604.50. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was purchased at an average cost of $10.95 per share, with a total value of $109,500.00. Following the completion of the purchase, the executive vice president now owns 52,110 shares in the company, valued at approximately $570,604.50. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Karl G. Glassman bought 23,800 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average price of $11.48 per share, with a total value of $273,224.00. Following the completion of the acquisition, the chief executive officer now owns 1,151,891 shares of the company’s stock, valued at approximately $13,223,708.68. The disclosure for this purchase can be found here. Insiders purchased 49,635 shares of company stock worth $575,107 in the last ninety days. 1.57% of the stock is owned by company insiders.

About Leggett & Platt

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.