GAMMA Investing LLC Reduces Stock Position in Leggett & Platt, Incorporated $LEG

GAMMA Investing LLC cut its position in Leggett & Platt, Incorporated (NYSE:LEG) by 46.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,229 shares of the company’s stock after selling 5,486 shares during the period. GAMMA Investing LLC’s holdings in Leggett & Platt were worth $56,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. A&I Financial Services LLC acquired a new position in shares of Leggett & Platt in the second quarter valued at about $547,000. SeaCrest Wealth Management LLC acquired a new position in shares of Leggett & Platt in the second quarter valued at about $89,000. Harbor Capital Advisors Inc. increased its holdings in shares of Leggett & Platt by 46.6% in the second quarter. Harbor Capital Advisors Inc. now owns 39,245 shares of the company’s stock valued at $350,000 after purchasing an additional 12,478 shares during the period. Parallel Advisors LLC increased its holdings in shares of Leggett & Platt by 385.3% in the second quarter. Parallel Advisors LLC now owns 11,229 shares of the company’s stock valued at $100,000 after purchasing an additional 8,915 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in shares of Leggett & Platt by 113.5% in the first quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock valued at $866,000 after purchasing an additional 58,292 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

LEG has been the topic of a number of research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Leggett & Platt in a report on Saturday, September 27th. Piper Sandler reaffirmed a “neutral” rating and set a $9.00 target price (down from $10.00) on shares of Leggett & Platt in a report on Monday, August 4th. Zacks Research lowered Leggett & Platt from a “hold” rating to a “strong sell” rating in a report on Monday, August 18th. Finally, Wall Street Zen lowered Leggett & Platt from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $9.67.

Leggett & Platt Stock Performance

NYSE LEG opened at $9.00 on Friday. The company has a market cap of $1.22 billion, a PE ratio of 8.73 and a beta of 0.72. The stock’s 50 day simple moving average is $9.32 and its 200-day simple moving average is $8.98. Leggett & Platt, Incorporated has a 1-year low of $6.47 and a 1-year high of $13.62. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.17 and a quick ratio of 1.36.

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

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Monday, September 15th. Leggett & Platt’s dividend payout ratio (DPR) is 19.42%.

Leggett & Platt 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.