Seven Eight Capital LP Takes Position in Leggett & Platt, Incorporated (NYSE:LEG)

Seven Eight Capital LP bought a new stake in Leggett & Platt, Incorporated (NYSE:LEG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 170,000 shares of the company’s stock, valued at approximately $1,948,000. Seven Eight Capital LP owned 0.13% of Leggett & Platt at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Leggett & Platt by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company’s stock valued at $340,107,000 after acquiring an additional 49,086 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Leggett & Platt by 12.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,373,959 shares of the company’s stock valued at $62,127,000 after acquiring an additional 262,145 shares during the period. ProShare Advisors LLC raised its stake in shares of Leggett & Platt by 1.0% in the 1st quarter. ProShare Advisors LLC now owns 1,284,654 shares of the company’s stock valued at $24,601,000 after acquiring an additional 12,502 shares during the period. Norges Bank purchased a new position in shares of Leggett & Platt in the 4th quarter valued at $26,814,000. Finally, Speece Thorson Capital Group Inc. raised its stake in shares of Leggett & Platt by 0.3% in the 4th quarter. Speece Thorson Capital Group Inc. now owns 805,751 shares of the company’s stock valued at $21,087,000 after acquiring an additional 2,674 shares during the period. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Truist Financial lifted their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt Price Performance

Shares of LEG stock opened at $13.16 on Thursday. The firm has a market cap of $1.76 billion, a P/E ratio of -11.34 and a beta of 1.07. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.53 and a quick ratio of 0.88. Leggett & Platt, Incorporated has a 1-year low of $10.11 and a 1-year high of $27.58. The firm has a fifty day moving average of $12.52 and a two-hundred day moving average of $14.08.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, hitting the consensus estimate of $0.29. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 12.65%. As a group, research analysts anticipate that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.52%. The ex-dividend date is Friday, September 13th. Leggett & Platt’s dividend payout ratio is currently -17.24%.

Leggett & Platt 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.