Ieq Capital LLC Buys New Position in Leggett & Platt, Incorporated $LEG

Ieq Capital LLC bought a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG) in the 2nd quarter, Holdings Channel reports. The fund bought 356,964 shares of the company’s stock, valued at approximately $4,180,000.

Other hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP acquired a new position in Leggett & Platt in the second quarter valued at approximately $259,000. BlackRock Inc. bought a new position in shares of Leggett & Platt during the 2nd quarter worth approximately $265,194,000. Deutsche Bank AG acquired a new stake in shares of Leggett & Platt during the 2nd quarter worth approximately $2,812,000. IMC Chicago LLC acquired a new stake in shares of Leggett & Platt during the 2nd quarter worth approximately $419,000. Finally, Alberta Investment Management Corp bought a new stake in shares of Leggett & Platt in the 2nd quarter valued at $2,678,000. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Trading Down 0.1%

Shares of Leggett & Platt stock opened at $9.40 on Tuesday. The stock has a market capitalization of $1.28 billion, a PE ratio of 6.03 and a beta of 0.73. Leggett & Platt, Incorporated has a 52 week low of $8.34 and a 52 week high of $13.00. The stock has a 50 day moving average price of $10.60 and a two-hundred day moving average price of $10.66. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.53 and a current ratio of 2.35.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Thursday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.13. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.The company had revenue of $999.70 million for the quarter, compared to analysts’ expectations of $982.86 million. During the same period last year, the business earned $0.30 EPS. Leggett & Platt’s quarterly revenue was down 5.5% compared to the same quarter last year. As a group, equities analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, August 10th. Leggett & Platt’s dividend payout ratio (DPR) is 12.82%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on LEG shares. Weiss Ratings downgraded shares of Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Truist Financial reduced their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Friday, May 8th. Piper Sandler decreased their price target on shares of Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Finally, Zacks Research upgraded shares of Leggett & Platt from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $10.67.

Leggett & Platt Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.