Advisors Asset Management Inc. Acquires 102,113 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Advisors Asset Management Inc. grew its position in Leggett & Platt, Incorporated (NYSE:LEG) by 61.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 268,814 shares of the company’s stock after purchasing an additional 102,113 shares during the period. Advisors Asset Management Inc.’s holdings in Leggett & Platt were worth $5,148,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. EntryPoint Capital LLC boosted its stake in shares of Leggett & Platt by 174.1% in the 1st quarter. EntryPoint Capital LLC now owns 21,308 shares of the company’s stock valued at $408,000 after purchasing an additional 13,533 shares in the last quarter. MQS Management LLC boosted its stake in shares of Leggett & Platt by 8.3% in the 1st quarter. MQS Management LLC now owns 13,366 shares of the company’s stock valued at $256,000 after purchasing an additional 1,027 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its stake in shares of Leggett & Platt by 78.8% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 65,994 shares of the company’s stock valued at $1,264,000 after purchasing an additional 29,088 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Leggett & Platt by 6.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 149,692 shares of the company’s stock valued at $2,867,000 after purchasing an additional 9,254 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Leggett & Platt by 1.0% in the 1st quarter. ProShare Advisors LLC now owns 1,284,654 shares of the company’s stock valued at $24,601,000 after purchasing an additional 12,502 shares in the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Trading Up 3.0 %

Leggett & Platt stock traded up $0.38 during trading hours on Friday, reaching $13.23. 1,680,623 shares of the company’s stock traded hands, compared to its average volume of 1,952,838. 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, Incorporated has a fifty-two week low of $10.11 and a fifty-two week high of $30.69. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of -11.41 and a beta of 1.08. The firm’s 50 day moving average is $11.67 and its 200-day moving average is $16.76.

Leggett & Platt (NYSE:LEG) last released its earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the company posted $0.39 earnings per share. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, analysts predict that Leggett & Platt, Incorporated will post 1.11 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 14th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.51%. Leggett & Platt’s payout ratio is presently -17.24%.

Wall Street Analysts Forecast Growth

LEG has been the topic of several research reports. The Goldman Sachs Group reduced 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 report on Wednesday, July 10th. Truist Financial reduced their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, June 27th. StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Saturday, July 6th. Finally, Piper Sandler reduced their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat, Leggett & Platt has an average rating of “Hold” and an average target price of $12.00.

Insider Buying and Selling at Leggett & Platt

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average cost of $13.39 per share, for a total transaction of $133,900.00. Following the transaction, the executive vice president now owns 41,535 shares in the company, valued at approximately $556,153.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was bought at an average cost of $13.39 per share, with a total value of $133,900.00. Following the purchase, the executive vice president now directly owns 41,535 shares in the company, valued at approximately $556,153.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Benjamin Michael Burns purchased 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 completion of the purchase, the chief financial officer now owns 81,362 shares in the company, valued at $992,616.40. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 65,635 shares of company stock worth $773,447. Company 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.