American International Group Inc. Reduces Stock Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

American International Group Inc. decreased its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 4.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,076 shares of the company’s stock after selling 7,574 shares during the quarter. American International Group Inc. owned about 0.14% of Leggett & Platt worth $4,713,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TFO Wealth Partners LLC lifted its stake in Leggett & Platt by 10,833.3% in the fourth quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock worth $157,000 after acquiring an additional 650 shares during the period. Ramirez Asset Management Inc. purchased a new stake in Leggett & Platt in the third quarter worth $25,000. Fifth Third Bancorp lifted its position in Leggett & Platt by 253.3% during the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after buying an additional 722 shares during the period. GAMMA Investing LLC purchased a new position in Leggett & Platt during the fourth quarter valued at $40,000. Finally, ORG Partners LLC purchased a new position in Leggett & Platt during the fourth quarter valued at $49,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Insider Buying and Selling

In other Leggett & Platt news, CEO Karl G. Glassman acquired 23,800 shares of Leggett & Platt stock in a transaction that occurred on Friday, May 31st. The stock was bought at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the acquisition, the chief executive officer now owns 1,151,891 shares of the company’s stock, valued at $13,223,708.68. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Leggett & Platt news, CEO Karl G. Glassman purchased 23,800 shares of Leggett & Platt stock in a transaction dated Friday, May 31st. The stock was purchased at an average price of $11.48 per share, with a total value of $273,224.00. Following the transaction, the chief executive officer now directly owns 1,151,891 shares of the company’s stock, valued at $13,223,708.68. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Mark A. Blinn purchased 6,000 shares of Leggett & Platt stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average cost of $10.74 per share, with a total value of $64,440.00. Following the transaction, the director now directly owns 32,302 shares in the company, valued at $346,923.48. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 65,635 shares of company stock worth $773,447. 1.57% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Leggett & Platt Price Performance

Shares of NYSE:LEG opened at $12.08 on Friday. Leggett & Platt, Incorporated has a 1-year low of $10.11 and a 1-year high of $31.14. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89. The business has a fifty day moving average price of $13.41 and a 200-day moving average price of $19.21. The company has a market capitalization of $1.62 billion, a PE ratio of -10.41 and a beta of 1.10.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the business posted $0.39 earnings per share. Leggett & Platt’s quarterly revenue was down 9.6% compared to the same quarter last year. As a group, equities analysts expect that Leggett & Platt, Incorporated will post 1.13 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be issued a $0.05 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.20 annualized dividend and a yield of 1.66%. Leggett & Platt’s payout ratio is -17.24%.

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.