Bleakley Financial Group LLC Grows Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Bleakley Financial Group LLC lifted its position in Leggett & Platt, Incorporated (NYSE:LEG) by 8.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 33,352 shares of the company’s stock after buying an additional 2,501 shares during the period. Bleakley Financial Group LLC’s holdings in Leggett & Platt were worth $454,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CVA Family Office LLC purchased a new stake in Leggett & Platt in the second quarter valued at approximately $36,000. Abich Financial Wealth Management LLC increased its holdings in shares of Leggett & Platt by 93.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after buying an additional 931 shares during the last quarter. Fifth Third Bancorp raised its position 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 valued at $39,000 after buying an additional 2,670 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Leggett & Platt during the 3rd quarter worth $41,000. Finally, EverSource Wealth Advisors LLC increased its stake in Leggett & Platt by 343.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,371 shares of the company’s stock valued at $50,000 after acquiring an additional 3,386 shares during the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Analysts Set New Price Targets

LEG has been the topic of a number of research reports. The Goldman Sachs Group lowered their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Finally, Truist Financial upped their target price on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Performance

NYSE LEG opened at $12.34 on Wednesday. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -10.64 and a beta of 1.07. The company has a 50-day simple moving average of $12.80 and a two-hundred day simple moving average of $13.04. The company has a quick ratio of 0.88, a current ratio of 1.53 and a debt-to-equity ratio of 2.55. Leggett & Platt, Incorporated has a 12-month low of $10.11 and a 12-month high of $27.58.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.29. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. On average, equities analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th were given a dividend of $0.05 per share. The ex-dividend date was Friday, September 13th. This represents a $0.20 annualized dividend and a yield of 1.62%. Leggett & Platt’s payout ratio is currently -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.