Nuveen Asset Management LLC Raises Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Nuveen Asset Management LLC increased its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 20.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 305,875 shares of the company’s stock after purchasing an additional 51,733 shares during the quarter. Nuveen Asset Management LLC owned 0.23% of Leggett & Platt worth $2,936,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of LEG. SRS Capital Advisors Inc. grew its position in shares of Leggett & Platt by 555.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company’s stock worth $30,000 after acquiring an additional 2,629 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Leggett & Platt during the 4th quarter valued at about $50,000. KBC Group NV grew its position in Leggett & Platt by 74.5% in the 4th quarter. KBC Group NV now owns 7,028 shares of the company’s stock worth $67,000 after purchasing an additional 3,000 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of Leggett & Platt by 17.1% in the fourth quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock valued at $77,000 after purchasing an additional 1,163 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Leggett & Platt by 461.6% in the fourth quarter. Blue Trust Inc. now owns 9,688 shares of the company’s stock valued at $93,000 after purchasing an additional 7,963 shares during the period. Institutional investors and hedge funds own 64.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on LEG. The Goldman Sachs Group increased their price objective on shares of Leggett & Platt from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Wednesday, April 30th. Piper Sandler restated a “neutral” rating and issued a $9.00 target price (down from $12.00) on shares of Leggett & Platt in a research report on Friday, April 11th.

Leggett & Platt Price Performance

Shares of LEG stock opened at $8.73 on Tuesday. The stock’s fifty day moving average is $8.25 and its 200-day moving average is $9.49. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00. Leggett & Platt, Incorporated has a 52 week low of $6.48 and a 52 week high of $14.24. The stock has a market capitalization of $1.18 billion, a PE ratio of -2.34 and a beta of 0.75.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Monday, April 28th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the company posted $0.23 EPS. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. Equities research analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.29%. The ex-dividend date is Friday, June 13th. Leggett & Platt’s dividend payout ratio (DPR) is -5.35%.

Leggett & Platt Company Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.