Leggett & Platt, Incorporated (NYSE:LEG) Stake Cut by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 25.2% in the 4th quarter, Holdings Channel reports. The fund owned 237,922 shares of the company’s stock after selling 80,139 shares during the period. Advisors Asset Management Inc.’s holdings in Leggett & Platt were worth $2,284,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of LEG. Wellington Management Group LLP purchased a new stake in Leggett & Platt in the 3rd quarter worth about $15,735,000. Invenomic Capital Management LP raised its stake in shares of Leggett & Platt by 384.1% during the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock worth $12,550,000 after purchasing an additional 731,132 shares in the last quarter. FMR LLC raised its stake in shares of Leggett & Platt by 3,264.5% during the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock worth $9,437,000 after purchasing an additional 672,290 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Leggett & Platt by 79.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 540,503 shares of the company’s stock worth $5,189,000 after purchasing an additional 240,108 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Leggett & Platt by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,751,066 shares of the company’s stock worth $45,610,000 after purchasing an additional 214,571 shares in the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

Leggett & Platt Stock Performance

Shares of NYSE LEG opened at $8.22 on Friday. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -2.20 and a beta of 1.11. The business’s 50-day simple moving average is $9.66 and its 200-day simple moving average is $11.12. Leggett & Platt, Incorporated has a 52 week low of $7.92 and a 52 week high of $19.33.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.21 EPS for the quarter, meeting analysts’ consensus estimates of $0.21. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. As a group, equities research analysts expect that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a $0.05 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.43%. Leggett & Platt’s dividend payout ratio is currently -5.36%.

Wall Street Analyst Weigh In

LEG has been the subject of a number of recent research reports. The Goldman Sachs Group cut their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Truist Financial cut their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, January 29th.

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.