Algert Global LLC Buys New Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Algert Global LLC purchased a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,304 shares of the company’s stock, valued at approximately $393,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. CVA Family Office LLC purchased a new position in Leggett & Platt in the second quarter worth approximately $36,000. Abich Financial Wealth Management LLC lifted its position in shares of Leggett & Platt by 93.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after purchasing an additional 931 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Leggett & Platt by 367.8% during the 2nd 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. EverSource Wealth Advisors LLC grew its stake in shares of Leggett & Platt by 343.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,371 shares of the company’s stock worth $50,000 after purchasing an additional 3,386 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in Leggett & Platt in the second quarter valued at $53,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Price Performance

Shares of NYSE LEG opened at $13.10 on Tuesday. The stock has a market cap of $1.76 billion, a P/E ratio of -11.29 and a beta of 1.07. Leggett & Platt, Incorporated has a twelve month low of $10.11 and a twelve month high of $27.58. The stock has a 50 day moving average of $12.73 and a two-hundred day moving average of $13.48. The company has a current ratio of 1.53, a quick ratio of 0.88 and a debt-to-equity ratio of 2.55.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Thursday, August 1st. The company reported $0.29 EPS for the quarter, meeting 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 analysts’ expectations of $1.13 billion. On average, research analysts forecast that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, September 13th. Leggett & Platt’s payout ratio is currently -17.24%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on LEG shares. The Goldman Sachs Group lowered their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Finally, Truist Financial increased their target price on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.67.

About Leggett & Platt

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.