Amalgamated Bank Lowers Stock Position in Leggett & Platt, Incorporated (NYSE:LEG)

Amalgamated Bank lowered its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 34.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 59,601 shares of the company’s stock after selling 31,356 shares during the quarter. Amalgamated Bank’s holdings in Leggett & Platt were worth $683,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. CVA Family Office LLC bought a new position in Leggett & Platt during the second quarter worth about $36,000. Abich Financial Wealth Management LLC raised its stake in 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 raised its stake in Leggett & Platt by 367.8% in the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock valued at $39,000 after purchasing an additional 2,670 shares in the last quarter. Innealta Capital LLC purchased a new stake in Leggett & Platt in the second quarter valued at approximately $53,000. Finally, Bank & Trust Co purchased a new stake in Leggett & Platt in the second quarter valued at approximately $63,000. Institutional investors own 64.23% of the company’s stock.

Wall Street Analyst Weigh In

LEG has been the topic of several research reports. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Truist Financial lifted their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, 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 research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, Leggett & Platt has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt Stock Up 3.7 %

Shares of Leggett & Platt stock opened at $14.12 on Friday. 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 52-week low of $10.11 and a 52-week high of $27.58. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -12.17 and a beta of 1.07. The company’s 50 day moving average price is $12.66 and its 200-day moving average price is $13.74.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, meeting 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 business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Equities research analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The firm also recently announced 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. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Friday, September 13th. Leggett & Platt’s dividend payout ratio (DPR) is presently -17.24%.

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.