Commonwealth Equity Services LLC Cuts Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Commonwealth Equity Services LLC lowered its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 93.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,223 shares of the company’s stock after selling 302,204 shares during the period. Commonwealth Equity Services LLC’s holdings in Leggett & Platt were worth $243,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank purchased a new stake in Leggett & Platt during the 4th quarter valued at about $26,814,000. Invenomic Capital Management LP purchased a new stake in Leggett & Platt during the 1st quarter valued at about $4,203,000. Principal Financial Group Inc. grew its stake in Leggett & Platt by 31.0% during the 2nd quarter. Principal Financial Group Inc. now owns 658,117 shares of the company’s stock valued at $7,542,000 after acquiring an additional 155,860 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Leggett & Platt by 61.3% during the 1st quarter. Advisors Asset Management Inc. now owns 268,814 shares of the company’s stock valued at $5,148,000 after acquiring an additional 102,113 shares in the last quarter. Finally, V2 Financial group LLC grew its stake in Leggett & Platt by 45.7% during the 2nd quarter. V2 Financial group LLC now owns 249,323 shares of the company’s stock valued at $2,857,000 after acquiring an additional 78,248 shares in the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on LEG shares. Truist Financial upped their price objective on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 5th. The Goldman Sachs Group decreased 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. Finally, StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat.com, Leggett & Platt presently has a consensus rating of “Hold” and an average price target of $12.67.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $13.23 on Thursday. The firm’s 50 day moving average price is $12.61 and its 200-day moving average price is $13.83. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.88 and a current ratio of 1.53. Leggett & Platt, Incorporated has a one year low of $10.11 and a one year high of $27.58. The firm has a market cap of $1.77 billion, a P/E ratio of -11.41 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.29 EPS for the quarter, hitting the consensus estimate of $0.29. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 12.65%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. As a group, equities research analysts predict that Leggett & Platt, Incorporated will post 1.14 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 $0.05 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.51%. 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.