SteelPeak Wealth LLC Purchases Shares of 11,208 Leggett & Platt, Incorporated (NYSE:LEG)

SteelPeak Wealth LLC bought a new position in Leggett & Platt, Incorporated (NYSE:LEG) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 11,208 shares of the company’s stock, valued at approximately $220,000.

Other hedge funds also recently made changes to their positions in the company. TFO Wealth Partners LLC increased its stake in Leggett & Platt by 10,833.3% in the 4th 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 last quarter. Ramirez Asset Management Inc. purchased a new stake in Leggett & Platt during the third quarter valued at $25,000. Fifth Third Bancorp increased its holdings in shares of Leggett & Platt by 253.3% in the 4th quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after buying an additional 722 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of Leggett & Platt in the 4th quarter valued at about $40,000. Finally, ORG Partners LLC bought a new position in shares of Leggett & Platt in the 4th quarter valued at about $49,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on LEG shares. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. The Goldman Sachs Group decreased their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Piper Sandler dropped their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Truist Financial dropped their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, Leggett & Platt currently has an average rating of “Hold” and a consensus price target of $12.67.

Insider Activity at Leggett & Platt

In other news, CFO Benjamin Michael Burns acquired 3,850 shares of Leggett & Platt stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the acquisition, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Leggett & Platt news, CFO Benjamin Michael Burns bought 3,850 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the acquisition, the chief financial officer now directly owns 81,362 shares in the company, valued at $992,616.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Srikanth Padmanabhan purchased 10,000 shares of Leggett & Platt stock in a transaction dated Wednesday, June 5th. The stock was acquired at an average price of $12.06 per share, with a total value of $120,600.00. Following the acquisition, the director now owns 38,623 shares in the company, valued at approximately $465,793.38. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 65,635 shares of company stock worth $773,447. Company insiders own 1.92% of the company’s stock.

Leggett & Platt Trading Up 7.3 %

LEG opened at $11.46 on Monday. 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 business has a fifty day moving average of $12.77 and a 200 day moving average of $18.63. Leggett & Platt, Incorporated has a 52-week low of $10.11 and a 52-week high of $31.14.

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

Leggett & Platt Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s dividend payout ratio is presently -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.