Bridges Investment Management Inc. Increases Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Bridges Investment Management Inc. lifted its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 13.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,760 shares of the company’s stock after purchasing an additional 3,260 shares during the quarter. Bridges Investment Management Inc.’s holdings in Leggett & Platt were worth $318,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of LEG. Dimensional Fund Advisors LP raised its position 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 purchasing an additional 262,145 shares during the last quarter. Quadrant Capital Group LLC raised its position in Leggett & Platt by 56.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock worth $56,000 after buying an additional 766 shares during the last quarter. Norges Bank purchased a new position in Leggett & Platt during the 4th quarter worth approximately $26,814,000. Quest Partners LLC purchased a new position in Leggett & Platt during the 4th quarter worth approximately $202,000. Finally, Ontario Teachers Pension Plan Board raised its position in Leggett & Platt by 93.0% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 36,906 shares of the company’s stock worth $966,000 after buying an additional 17,787 shares during the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

Leggett & Platt Price Performance

NYSE:LEG opened at $13.18 on Monday. The company has a quick ratio of 0.88, a current ratio of 1.53 and a debt-to-equity ratio of 2.55. Leggett & Platt, Incorporated has a 52 week low of $10.11 and a 52 week high of $27.58. The stock’s 50-day moving average price is $12.57 and its 200-day moving average price is $13.93. The stock has a market capitalization of $1.77 billion, a PE ratio of -11.36 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.29 EPS for the quarter, meeting the consensus estimate of $0.29. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. As a group, equities analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS 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 payout ratio is -17.24%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on LEG shares. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. The Goldman Sachs Group reduced their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Truist Financial raised their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.67.

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.