Geode Capital Management LLC Boosts Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Geode Capital Management LLC boosted its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 2.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,156,322 shares of the company’s stock after purchasing an additional 60,166 shares during the period. Geode Capital Management LLC owned about 1.61% of Leggett & Platt worth $29,377,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Leggett & Platt by 76.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after acquiring an additional 884 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Leggett & Platt in the third quarter worth approximately $29,000. Point72 Hong Kong Ltd purchased a new stake in shares of Leggett & Platt in the third quarter worth $37,000. nVerses Capital LLC bought a new stake in shares of Leggett & Platt during the 3rd quarter valued at $41,000. Finally, Brooklyn Investment Group purchased a new position in shares of Leggett & Platt during the 3rd quarter valued at $44,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Down 0.9 %

LEG opened at $9.63 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. The company has a market capitalization of $1.29 billion, a PE ratio of -1.60 and a beta of 1.07. Leggett & Platt, Incorporated has a 52 week low of $9.41 and a 52 week high of $26.84. The firm has a 50-day simple moving average of $11.84 and a two-hundred day simple moving average of $12.21.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share. Analysts forecast that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, December 13th. This represents a $0.20 annualized dividend and a yield of 2.08%. Leggett & Platt’s payout ratio is presently -3.33%.

Analyst Ratings Changes

Separately, Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average 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.