Whittier Trust Co. Reduces Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Whittier Trust Co. trimmed its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 17.4% during the second quarter, Holdings Channel reports. The firm owned 13,893 shares of the company’s stock after selling 2,928 shares during the quarter. Whittier Trust Co.’s holdings in Leggett & Platt were worth $159,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. CVA Family Office LLC acquired a new position in shares of Leggett & Platt during the 2nd quarter worth $36,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Leggett & Platt by 93.2% in the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after purchasing an additional 931 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Leggett & Platt by 367.8% during the 2nd quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock worth $39,000 after purchasing an additional 2,670 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Leggett & Platt during the 4th quarter worth approximately $40,000. Finally, Quadrant Capital Group LLC raised its position in shares of Leggett & Platt by 56.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock worth $56,000 after purchasing an additional 766 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Trading Down 0.3 %

Shares of LEG opened at $12.70 on Friday. Leggett & Platt, Incorporated has a fifty-two week low of $10.11 and a fifty-two week high of $28.53. The company has a market capitalization of $1.70 billion, a PE ratio of -10.94 and a beta of 1.08. The stock has a fifty day moving average of $12.23 and a two-hundred day moving average of $14.91. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57.

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. Leggett & Platt had a positive return on equity of 10.98% and a negative net margin of 18.05%. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. As a group, analysts forecast that Leggett & Platt, Incorporated will post 1.11 EPS for the current year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.58%. Leggett & Platt’s payout ratio is currently -17.24%.

Analyst Upgrades and Downgrades

LEG has been the subject of several recent research reports. Truist Financial raised their price target on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, The Goldman Sachs Group reduced their target price 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. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.67.

Insider Buying and Selling

In related news, CFO Benjamin Michael Burns acquired 3,850 shares of the stock in a transaction dated 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 purchase, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at $992,616.40. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Leggett & Platt news, Director Srikanth Padmanabhan purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average price of $12.06 per share, for a total transaction of $120,600.00. Following the completion of the acquisition, the director now owns 38,623 shares of the company’s stock, valued at approximately $465,793.38. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Benjamin Michael Burns purchased 3,850 shares of Leggett & Platt stock in a transaction on Thursday, June 6th. The shares were acquired at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the transaction, the chief financial officer now owns 81,362 shares of the company’s stock, valued at $992,616.40. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 15,835 shares of company stock valued at $192,383. Insiders own 1.57% of the company’s stock.

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.