Leggett & Platt, Incorporated (NYSE:LEG) Stock Position Reduced by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 1.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 323,770 shares of the company’s stock after selling 4,924 shares during the period. Russell Investments Group Ltd.’s holdings in Leggett & Platt were worth $8,473,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ramirez Asset Management Inc. acquired a new stake in shares of Leggett & Platt during the 3rd quarter worth approximately $25,000. Fifth Third Bancorp raised its position in shares of Leggett & Platt by 253.3% during the 4th quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after purchasing an additional 722 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Leggett & Platt during the 4th quarter worth approximately $40,000. ORG Partners LLC acquired a new stake in shares of Leggett & Platt during the 4th quarter worth approximately $49,000. Finally, Covestor Ltd raised its position in shares of Leggett & Platt by 17.6% during the 3rd quarter. Covestor Ltd now owns 3,575 shares of the company’s stock worth $91,000 after purchasing an additional 535 shares during the period. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on LEG shares. StockNews.com cut Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. Truist Financial dropped their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday. Piper Sandler lowered their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. TheStreet cut Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Finally, The Goldman Sachs Group lowered 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, May 2nd. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $13.33.

Leggett & Platt Stock Down 2.1 %

LEG opened at $13.66 on Tuesday. Leggett & Platt, Incorporated has a 12 month low of $11.02 and a 12 month high of $33.06. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89. The stock has a market cap of $1.83 billion, a P/E ratio of -11.77 and a beta of 1.19. The stock’s 50 day moving average price is $18.50 and its 200 day moving average price is $21.97.

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

Leggett & Platt Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend 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 presently -158.62%.

Insider Activity

In other news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the stock in a transaction dated Thursday, May 2nd. The shares were bought at an average cost of $13.39 per share, for a total transaction of $133,900.00. Following the transaction, the executive vice president now owns 41,535 shares in the company, valued at $556,153.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.92% of the stock is owned by insiders.

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.