Bank of Montreal Can Boosts Position in Leggett & Platt, Incorporated (NYSE:LEG)

Bank of Montreal Can grew its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 14.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 103,703 shares of the company’s stock after buying an additional 13,280 shares during the quarter. Bank of Montreal Can owned 0.08% of Leggett & Platt worth $1,194,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in LEG. Pacer Advisors Inc. lifted its holdings in shares of Leggett & Platt by 426.2% during the 2nd quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock valued at $160,923,000 after acquiring an additional 11,373,507 shares in the last quarter. Public Sector Pension Investment Board acquired a new position in shares of Leggett & Platt during the second quarter worth about $3,380,000. Invenomic Capital Management LP purchased a new stake in shares of Leggett & Platt in the first quarter worth about $4,203,000. Quantbot Technologies LP grew its stake in shares of Leggett & Platt by 1,109.0% in the second quarter. Quantbot Technologies LP now owns 238,515 shares of the company’s stock valued at $2,733,000 after buying an additional 218,786 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new stake in shares of Leggett & Platt during the 2nd quarter valued at about $1,948,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Price Performance

LEG stock opened at $13.45 on Friday. The company has a market capitalization of $1.80 billion, a PE ratio of -11.59 and a beta of 1.07. The company has a quick ratio of 0.88, a current ratio of 1.53 and a debt-to-equity ratio of 2.55. The stock’s 50 day moving average is $12.73 and its two-hundred day moving average is $13.56. Leggett & Platt, Incorporated has a 52-week low of $10.11 and a 52-week high of $27.58.

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

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.49%. Leggett & Platt’s dividend payout ratio (DPR) is -17.24%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. 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. Finally, The Goldman Sachs Group cut their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat, Leggett & Platt currently has an average rating of “Hold” and an average target price of $12.67.

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.