Raymond James Trust N.A. Cuts Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Raymond James Trust N.A. cut its position in shares of Leggett & Platt, Incorporated (NYSE:LEGGet Rating) by 5.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,851 shares of the company’s stock after selling 386 shares during the quarter. Raymond James Trust N.A.’s holdings in Leggett & Platt were worth $228,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in LEG. State Street Corp boosted its holdings in Leggett & Platt by 35.5% during the first quarter. State Street Corp now owns 14,506,308 shares of the company’s stock worth $510,661,000 after purchasing an additional 3,803,469 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Leggett & Platt by 453.3% during the first quarter. Renaissance Technologies LLC now owns 713,700 shares of the company’s stock worth $24,837,000 after purchasing an additional 584,700 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Leggett & Platt by 98.5% during the first quarter. Goldman Sachs Group Inc. now owns 909,044 shares of the company’s stock worth $31,635,000 after purchasing an additional 451,175 shares during the last quarter. BlackRock Inc. raised its position in Leggett & Platt by 2.9% in the first quarter. BlackRock Inc. now owns 14,575,438 shares of the company’s stock worth $507,226,000 after acquiring an additional 406,267 shares during the period. Finally, Invesco Ltd. raised its position in Leggett & Platt by 37.1% in the first quarter. Invesco Ltd. now owns 1,142,780 shares of the company’s stock worth $39,769,000 after acquiring an additional 309,100 shares during the period. 69.42% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Stock Performance

NYSE LEG opened at $35.35 on Tuesday. The company’s 50 day moving average is $34.11 and its 200-day moving average is $35.70. Leggett & Platt, Incorporated has a 12-month low of $30.28 and a 12-month high of $41.94. The company has a quick ratio of 1.06, a current ratio of 2.07 and a debt-to-equity ratio of 1.37. The firm has a market cap of $4.69 billion, a P/E ratio of 13.34 and a beta of 1.26.

Leggett & Platt (NYSE:LEGGet Rating) last posted its earnings results on Monday, October 31st. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.23 billion. Leggett & Platt had a net margin of 6.86% and a return on equity of 22.32%. Leggett & Platt’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 EPS. Sell-side analysts predict that Leggett & Platt, Incorporated will post 2.36 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Thursday, December 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date was Wednesday, December 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently 66.42%.

Wall Street Analyst Weigh In

Several brokerages have commented on LEG. TheStreet lowered shares of Leggett & Platt from a “b-” rating to a “c+” rating in a research report on Thursday, October 20th. Truist Financial lowered their price objective on shares of Leggett & Platt from $41.00 to $35.00 in a research report on Tuesday, October 11th. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Friday, January 6th. Piper Sandler lowered shares of Leggett & Platt from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $31.00 to $24.00 in a research report on Monday, December 12th. Finally, The Goldman Sachs Group lowered their price objective on shares of Leggett & Platt from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, October 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.25.

Leggett & Platt Company Profile

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Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.

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Institutional Ownership by Quarter for Leggett & Platt (NYSE:LEG)

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