Leggett & Platt, Incorporated $LEG Shares Sold by Ballentine Partners LLC

Ballentine Partners LLC decreased its position in Leggett & Platt, Incorporated (NYSE:LEG) by 29.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 14,658 shares of the company’s stock after selling 6,185 shares during the period. Ballentine Partners LLC’s holdings in Leggett & Platt were worth $131,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEG. Millennium Management LLC boosted its stake in Leggett & Platt by 784.7% in the 1st quarter. Millennium Management LLC now owns 4,605,416 shares of the company’s stock worth $36,429,000 after purchasing an additional 4,084,866 shares during the period. Cubist Systematic Strategies LLC boosted its stake in Leggett & Platt by 1,495.6% in the 1st quarter. Cubist Systematic Strategies LLC now owns 1,539,758 shares of the company’s stock worth $12,179,000 after purchasing an additional 1,443,257 shares during the period. Vanguard Group Inc. boosted its stake in Leggett & Platt by 7.1% in the 1st quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company’s stock worth $131,177,000 after purchasing an additional 1,105,256 shares during the period. Canada Pension Plan Investment Board boosted its stake in Leggett & Platt by 15,000.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 634,200 shares of the company’s stock worth $5,017,000 after purchasing an additional 630,000 shares during the period. Finally, Nuveen LLC acquired a new position in Leggett & Platt in the 1st quarter worth approximately $3,929,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

Shares of LEG opened at $8.89 on Wednesday. The company has a market capitalization of $1.20 billion, a PE ratio of 8.63 and a beta of 0.70. Leggett & Platt, Incorporated has a one year low of $6.47 and a one year high of $13.82. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.17 and a quick ratio of 1.36. The company’s fifty day moving average price is $9.40 and its 200 day moving average price is $8.97.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Thursday, July 31st. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.29 by $0.01. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. Leggett & Platt had a net margin of 3.36% and a return on equity of 19.42%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 EPS. Leggett & Platt has set its FY 2025 guidance at 1.000-1.200 EPS. As a group, analysts expect that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, September 15th. This represents a $0.20 annualized dividend and a dividend yield of 2.2%. Leggett & Platt’s payout ratio is presently 19.42%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wall Street Zen lowered shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Zacks Research lowered shares of Leggett & Platt from a “hold” rating to a “strong sell” rating in a research note on Monday, August 18th. Finally, Piper Sandler reissued a “neutral” rating and set a $9.00 target price (down previously from $10.00) on shares of Leggett & Platt in a research note on Monday, August 4th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Leggett & Platt has a consensus rating of “Reduce” and an average price target of $9.67.

About Leggett & Platt

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.