Amalgamated Bank Sells 17,499 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Amalgamated Bank lessened its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 29.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,102 shares of the company’s stock after selling 17,499 shares during the period. Amalgamated Bank’s holdings in Leggett & Platt were worth $573,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of LEG. Abich Financial Wealth Management LLC boosted its holdings in shares of Leggett & Platt by 93.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after purchasing an additional 931 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Leggett & Platt by 76.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after purchasing an additional 884 shares during the period. nVerses Capital LLC acquired a new stake in Leggett & Platt in the third quarter valued at approximately $41,000. CVA Family Office LLC bought a new position in shares of Leggett & Platt in the second quarter valued at $36,000. Finally, Fifth Third Bancorp raised its stake in shares of Leggett & Platt by 367.8% in the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock worth $39,000 after purchasing an additional 2,670 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Price Performance

LEG opened at $11.82 on Friday. The stock has a market cap of $1.59 billion, a P/E ratio of -1.97 and a beta of 1.07. Leggett & Platt, Incorporated has a 52-week low of $10.11 and a 52-week high of $27.58. The business has a fifty day moving average of $12.71 and a 200 day moving average of $12.33. The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the company posted $0.36 EPS. Leggett & Platt’s quarterly revenue was down 6.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Friday, December 13th. Leggett & Platt’s payout ratio is -3.33%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Piper Sandler raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. Finally, Truist Financial boosted their target price on Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.