PNC Financial Services Group Inc. Has $3.61 Million Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

PNC Financial Services Group Inc. decreased its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 11.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 138,044 shares of the company’s stock after selling 17,661 shares during the period. PNC Financial Services Group Inc. owned about 0.10% of Leggett & Platt worth $3,613,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Ramirez Asset Management Inc. bought a new position in Leggett & Platt in the 3rd quarter valued at $25,000. Fifth Third Bancorp raised its stake in shares of Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after acquiring an additional 722 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Leggett & Platt during the fourth quarter valued at approximately $40,000. ORG Partners LLC acquired a new stake in shares of Leggett & Platt in the fourth quarter valued at approximately $49,000. Finally, Quadrant Capital Group LLC raised its position in Leggett & Platt by 56.2% in the 4th quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock worth $56,000 after purchasing an additional 766 shares during the last quarter. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Down 0.8 %

Shares of NYSE LEG opened at $11.55 on Thursday. Leggett & Platt, Incorporated has a 52-week low of $10.11 and a 52-week high of $31.20. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57. The stock has a market cap of $1.55 billion, a P/E ratio of -9.96 and a beta of 1.10. The firm has a 50 day moving average price of $13.64 and a 200 day moving average price of $19.38.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. Leggett & Platt’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. Analysts expect that Leggett & Platt, Incorporated will post 1.13 EPS for the current year.

Leggett & Platt Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently -17.24%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on LEG shares. Piper Sandler lowered their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Truist Financial cut their target price on shares of Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. The Goldman Sachs Group lowered their price target on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. StockNews.com lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat, Leggett & Platt presently has a consensus rating of “Hold” and a consensus price target of $13.33.

Insider Activity at Leggett & Platt

In related news, CEO Karl G. Glassman purchased 23,800 shares of the business’s stock in a transaction on Friday, May 31st. The shares were purchased at an average price of $11.48 per share, with a total value of $273,224.00. Following the completion of the purchase, the chief executive officer now owns 1,151,891 shares in the company, valued at approximately $13,223,708.68. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Karl G. Glassman purchased 23,800 shares of the company’s stock in a transaction on Friday, May 31st. The shares were purchased at an average price of $11.48 per share, with a total value of $273,224.00. Following the purchase, the chief executive officer now directly owns 1,151,891 shares of the company’s stock, valued at approximately $13,223,708.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Benjamin Michael Burns purchased 3,850 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was purchased at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the acquisition, the chief financial officer now owns 81,362 shares of the company’s stock, valued at $992,616.40. The disclosure for this purchase can be found here. In the last three months, insiders acquired 65,635 shares of company stock worth $773,447. 1.92% of the stock is owned by company insiders.

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.