Connor Clark & Lunn Investment Management Ltd. Trims Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 15.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 300,395 shares of the company’s stock after selling 55,546 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.22% of Leggett & Platt worth $4,091,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in LEG. Pacer Advisors Inc. increased its position in shares of Leggett & Platt by 426.2% during the second quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock worth $160,923,000 after acquiring an additional 11,373,507 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Leggett & Platt by 1,098.0% in the 2nd quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock worth $22,160,000 after buying an additional 1,838,009 shares during the period. Principal Financial Group Inc. grew its position in shares of Leggett & Platt by 31.0% during the 2nd quarter. Principal Financial Group Inc. now owns 658,117 shares of the company’s stock worth $7,542,000 after buying an additional 155,860 shares in the last quarter. Public Sector Pension Investment Board purchased a new position in shares of Leggett & Platt during the second quarter valued at $3,380,000. Finally, V2 Financial group LLC raised its holdings in shares of Leggett & Platt by 45.7% in the second quarter. V2 Financial group LLC now owns 249,323 shares of the company’s stock valued at $2,857,000 after acquiring an additional 78,248 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

LEG has been the topic of a number of research reports. Piper Sandler raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and raised their target price for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Finally, Truist Financial raised their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $12.67.

Leggett & Platt Stock Performance

LEG opened at $11.66 on Friday. The firm’s 50-day moving average price is $12.67 and its 200-day moving average price is $12.27. The company has a market cap of $1.57 billion, a P/E ratio of -1.94 and a beta of 1.07. The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. Leggett & Platt, Incorporated has a 52-week low of $10.11 and a 52-week high of $27.58.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. The business’s revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the business earned $0.36 EPS. As a group, equities analysts anticipate that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.72%. Leggett & Platt’s payout ratio is currently -3.33%.

Leggett & Platt Company Profile

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.