Bank of New York Mellon Corp Sells 786,653 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Bank of New York Mellon Corp lessened its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 45.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 946,842 shares of the company’s stock after selling 786,653 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.71% of Leggett & Platt worth $9,090,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEG. Janney Montgomery Scott LLC raised its position in shares of Leggett & Platt by 5.3% in the third quarter. Janney Montgomery Scott LLC now owns 87,882 shares of the company’s stock valued at $1,197,000 after purchasing an additional 4,442 shares during the period. State of New Jersey Common Pension Fund D bought a new position in shares of Leggett & Platt in the third quarter valued at approximately $2,089,000. GSA Capital Partners LLP bought a new position in shares of Leggett & Platt in the third quarter valued at approximately $456,000. Aigen Investment Management LP bought a new position in shares of Leggett & Platt in the third quarter valued at approximately $284,000. Finally, Quest Partners LLC raised its position in shares of Leggett & Platt by 4,511,800.0% in the third quarter. Quest Partners LLC now owns 45,119 shares of the company’s stock valued at $615,000 after purchasing an additional 45,118 shares during the period. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

Shares of NYSE:LEG opened at $8.12 on Friday. The stock has a market capitalization of $1.09 billion, a P/E ratio of -2.18 and a beta of 1.11. Leggett & Platt, Incorporated has a 1-year low of $7.92 and a 1-year high of $19.33. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70. The business has a 50-day moving average price of $9.84 and a two-hundred day moving average price of $11.32.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, hitting the consensus estimate of $0.21. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. Equities analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be given a $0.05 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.20 annualized dividend and a dividend yield of 2.46%. Leggett & Platt’s dividend payout ratio is presently -5.36%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. Truist Financial dropped their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Wednesday, January 29th.

Leggett & Platt Company Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.