California Public Employees Retirement System Has $6.23 Million Stock Position in Leggett & Platt, Incorporated (NYSE:LEG)

California Public Employees Retirement System cut its position in Leggett & Platt, Incorporated (NYSE:LEG) by 7.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 238,133 shares of the company’s stock after selling 19,008 shares during the quarter. California Public Employees Retirement System’s holdings in Leggett & Platt were worth $6,232,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in LEG. Ramirez Asset Management Inc. acquired a new stake in Leggett & Platt in the third quarter valued at approximately $25,000. Fifth Third Bancorp grew its position in Leggett & Platt by 253.3% in the 4th quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after purchasing an additional 722 shares during the period. ORG Partners LLC bought a new stake in Leggett & Platt during the 4th quarter valued at $49,000. Covestor Ltd raised its holdings in Leggett & Platt by 17.6% during the third quarter. Covestor Ltd now owns 3,575 shares of the company’s stock worth $91,000 after buying an additional 535 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its stake in shares of Leggett & Platt by 18.5% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 3,888 shares of the company’s stock valued at $99,000 after buying an additional 606 shares in the last quarter. 64.23% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Price Performance

Leggett & Platt stock opened at $13.95 on Friday. Leggett & Platt, Incorporated has a 52 week low of $11.02 and a 52 week high of $33.11. The company’s 50 day moving average price is $18.63 and its two-hundred day moving average price is $22.06. The stock has a market cap of $1.87 billion, a P/E ratio of -12.03 and a beta of 1.19. The company has a quick ratio of 0.84, a current ratio of 1.57 and a debt-to-equity ratio of 1.37.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The business’s revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 earnings per share. On average, equities analysts predict that Leggett & Platt, Incorporated will post 1.15 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.43%. Leggett & Platt’s dividend payout ratio (DPR) is presently -158.62%.

Analysts Set New Price Targets

LEG has been the subject of several recent research reports. StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. Piper Sandler decreased their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday. Truist Financial lowered their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research note on Friday. The Goldman Sachs Group cut their target price on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, TheStreet lowered Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Two analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $13.33.

Insiders Place Their Bets

In related news, EVP Ryan Michael Kleiboeker bought 10,000 shares of Leggett & Platt stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average cost of $13.39 per share, with a total value of $133,900.00. Following the transaction, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at $556,153.65. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.57% of the company’s stock.

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.