Brandywine Global Investment Management LLC Takes $2.05 Million Position in Leggett & Platt, Incorporated (NYSE:LEG)

Brandywine Global Investment Management LLC bought a new stake in Leggett & Platt, Incorporated (NYSE:LEG) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 64,195 shares of the company’s stock, valued at approximately $2,047,000.

Other institutional investors have also recently bought and sold shares of the company. Industrial Alliance Investment Management Inc. bought a new position in Leggett & Platt in the 4th quarter worth approximately $48,000. Trust Co. of Vermont bought a new stake in shares of Leggett & Platt during the 1st quarter valued at $51,000. Colonial Trust Co SC raised its position in shares of Leggett & Platt by 157.2% during the 1st quarter. Colonial Trust Co SC now owns 1,775 shares of the company’s stock valued at $57,000 after acquiring an additional 1,085 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Leggett & Platt by 179.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,024 shares of the company’s stock valued at $64,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Leggett & Platt by 18.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock valued at $66,000 after acquiring an additional 305 shares during the last quarter. Institutional investors own 60.26% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on LEG. Truist Financial dropped their target price on shares of Leggett & Platt from $35.00 to $31.00 and set a “hold” rating for the company in a research report on Wednesday, August 2nd. StockNews.com initiated coverage on shares of Leggett & Platt in a research report on Thursday, August 17th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $28.67.

Leggett & Platt Price Performance

Shares of LEG stock opened at $26.21 on Monday. Leggett & Platt, Incorporated has a 12-month low of $26.08 and a 12-month high of $38.55. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of 15.42 and a beta of 1.28. The company has a quick ratio of 1.10, a current ratio of 1.99 and a debt-to-equity ratio of 1.21. The firm has a fifty day moving average of $28.63 and a 200-day moving average of $30.41.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, July 31st. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). Leggett & Platt had a net margin of 4.71% and a return on equity of 14.02%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the firm earned $0.70 EPS. Leggett & Platt’s quarterly revenue was down 8.5% on a year-over-year basis. On average, equities research analysts forecast that Leggett & Platt, Incorporated will post 1.52 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 7.02%. The ex-dividend date of this dividend is Thursday, September 14th. Leggett & Platt’s payout ratio is presently 108.24%.

Leggett & Platt Profile

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, private label finished mattresses, 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.