New York State Common Retirement Fund Sells 13,649 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

New York State Common Retirement Fund reduced its position in Leggett & Platt, Incorporated (NYSE:LEG) by 14.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 79,235 shares of the company’s stock after selling 13,649 shares during the period. New York State Common Retirement Fund’s holdings in Leggett & Platt were worth $2,074,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on LEG shares. Truist Financial reduced their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Tuesday. Piper Sandler lowered their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. The Goldman Sachs Group cut their price objective on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Finally, TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.33.

Insider Activity

In other news, EVP Ryan Michael Kleiboeker bought 10,000 shares of Leggett & Platt stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the purchase, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.57% of the company’s stock.

Leggett & Platt Trading Down 1.1 %

Leggett & Platt stock opened at $13.03 on Thursday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57. The stock has a market cap of $1.74 billion, a PE ratio of -11.23 and a beta of 1.19. The stock has a 50-day moving average of $18.19 and a two-hundred day moving average of $21.83. Leggett & Platt, Incorporated has a one year low of $11.02 and a one year high of $33.06.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. On average, research analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 annualized dividend and a dividend yield of 1.53%. Leggett & Platt’s payout ratio is currently -17.24%.

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.