The Manufacturers Life Insurance Company Lowers Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

The Manufacturers Life Insurance Company trimmed its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 81.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,151 shares of the company’s stock after selling 92,644 shares during the period. The Manufacturers Life Insurance Company’s holdings in Leggett & Platt were worth $242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in LEG. Pacer Advisors Inc. lifted its position in shares of Leggett & Platt by 426.2% in the second 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. AQR Capital Management LLC lifted its position in shares of Leggett & Platt by 1,098.0% in the second quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock worth $22,160,000 after buying an additional 1,838,009 shares in the last quarter. Public Sector Pension Investment Board purchased a new stake in shares of Leggett & Platt in 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. Finally, Quantbot Technologies LP lifted its position 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 worth $2,733,000 after buying an additional 218,786 shares in the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LEG has been the topic of a number of research analyst reports. Truist Financial boosted their target price on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group decreased their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Trading Up 0.7 %

Shares of LEG stock opened at $13.56 on Friday. Leggett & Platt, Incorporated has a 1 year low of $10.11 and a 1 year high of $27.58. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.53 and a quick ratio of 0.88. The stock’s 50 day simple moving average is $12.76 and its two-hundred day simple moving average is $13.24. The company has a market cap of $1.82 billion, a PE ratio of -11.69 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 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.29. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. Research analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th were paid a dividend of $0.05 per share. The ex-dividend date was Friday, September 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.47%. Leggett & Platt’s dividend payout ratio is -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.