Sei Investments Co. Increases Position in Leggett & Platt, Incorporated (NYSE:LEG)

Sei Investments Co. raised its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 68.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,833 shares of the company’s stock after purchasing an additional 13,386 shares during the period. Sei Investments Co.’s holdings in Leggett & Platt were worth $376,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LEG. Pacer Advisors Inc. raised its stake in shares of Leggett & Platt by 426.2% during the second quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock worth $160,923,000 after acquiring an additional 11,373,507 shares in the last quarter. Bridges Investment Management Inc. raised its position in Leggett & Platt by 13.3% in the 2nd quarter. Bridges Investment Management Inc. now owns 27,760 shares of the company’s stock worth $318,000 after purchasing an additional 3,260 shares during the period. Canada Pension Plan Investment Board bought a new stake in Leggett & Platt in the second quarter worth $995,000. Seven Eight Capital LP purchased a new stake in Leggett & Platt during the second quarter valued at about $1,948,000. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Leggett & Platt by 20.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,778 shares of the company’s stock valued at $267,000 after buying an additional 4,092 shares during the period. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock opened at $12.70 on Friday. The business has a 50 day moving average of $12.71 and a 200 day moving average of $13.43. Leggett & Platt, Incorporated has a 52 week low of $10.11 and a 52 week high of $27.58. The company has a market cap of $1.70 billion, a PE ratio of -10.94 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.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.29 EPS for the quarter, hitting the consensus estimate of $0.29. The business 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, equities research analysts forecast that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Friday, September 13th. Leggett & Platt’s dividend payout ratio is currently -17.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group lowered their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Finally, Truist Financial upped their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus 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.