Bank & Trust Co Reduces Position in Leggett & Platt, Incorporated (NYSE:LEG)

Bank & Trust Co cut its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 32.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,706 shares of the company’s stock after selling 1,806 shares during the quarter. Bank & Trust Co’s holdings in Leggett & Platt were worth $36,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PEAK6 Investments LLC acquired a new position in Leggett & Platt in the third quarter valued at approximately $1,067,000. Verition Fund Management LLC lifted its position in Leggett & Platt by 649.6% in the third quarter. Verition Fund Management LLC now owns 97,675 shares of the company’s stock valued at $1,330,000 after buying an additional 84,645 shares during the last quarter. FMR LLC lifted its holdings in shares of Leggett & Platt by 3,264.5% in the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock worth $9,437,000 after acquiring an additional 672,290 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of Leggett & Platt during the second quarter worth $1,948,000. Finally, Prevail Innovative Wealth Advisors LLC acquired a new stake in shares of Leggett & Platt in the second quarter valued at $1,322,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Piper Sandler upgraded 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 report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Leggett & Platt presently has a consensus rating of “Hold” and an average price target of $12.67.

Leggett & Platt Stock Up 2.1 %

Shares of NYSE LEG traded up $0.20 during mid-day trading on Tuesday, hitting $9.75. The company had a trading volume of 643,372 shares, compared to its average volume of 1,496,598. Leggett & Platt, Incorporated has a 1-year low of $9.18 and a 1-year high of $26.07. The company has a market capitalization of $1.31 billion, a PE ratio of -1.62 and a beta of 1.11. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84. The business’s 50-day simple moving average is $11.34 and its 200 day simple moving average is $12.09.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share. On average, analysts predict that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be paid a dividend of $0.05 per share. The ex-dividend date is Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.05%. Leggett & Platt’s payout ratio is currently -3.33%.

About Leggett & Platt

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.