Leggett & Platt, Incorporated (NYSE:LEG) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 34.6% in the 4th quarter, Holdings Channel reports. The firm owned 166,976 shares of the company’s stock after selling 88,431 shares during the period. Retirement Systems of Alabama’s holdings in Leggett & Platt were worth $4,370,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LEG. Ramirez Asset Management Inc. purchased a new stake in shares of Leggett & Platt during the third quarter worth $25,000. Fifth Third Bancorp boosted its position in Leggett & Platt by 253.3% during the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after acquiring an additional 722 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Leggett & Platt during the 4th quarter valued at about $40,000. ORG Partners LLC acquired a new stake in Leggett & Platt in the 4th quarter valued at about $49,000. Finally, Covestor Ltd lifted its stake in Leggett & Platt by 17.6% in the 3rd quarter. Covestor Ltd now owns 3,575 shares of the company’s stock worth $91,000 after purchasing an additional 535 shares in the last quarter. 64.23% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Price Performance

NYSE:LEG opened at $13.66 on Tuesday. Leggett & Platt, Incorporated has a 52 week low of $11.02 and a 52 week high of $33.06. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $1.83 billion, a P/E ratio of -11.77 and a beta of 1.19. The stock’s fifty day moving average is $18.50 and its two-hundred day moving average is $21.97.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. Equities analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is -158.62%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Piper Sandler dropped their price target on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. The Goldman Sachs Group dropped their target price on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Truist Financial reduced their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a report on Friday. TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Finally, StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Monday, March 11th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and a consensus target price of $13.33.

Insider Transactions at Leggett & Platt

In related news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the acquisition, the executive vice president now owns 41,535 shares of the company’s stock, valued at $556,153.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.92% 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.