Amalgamated Bank lessened its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG – Get Rating) by 3.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 92,178 shares of the company’s stock after selling 3,355 shares during the quarter. Amalgamated Bank’s holdings in Leggett & Platt were worth $3,208,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of LEG. BlackRock Inc. boosted its holdings in shares of Leggett & Platt by 2.9% in the first quarter. BlackRock Inc. now owns 14,575,438 shares of the company’s stock valued at $507,226,000 after purchasing an additional 406,267 shares during the period. State Street Corp boosted its holdings in shares of Leggett & Platt by 35.5% in the first quarter. State Street Corp now owns 14,506,308 shares of the company’s stock valued at $510,661,000 after purchasing an additional 3,803,469 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Leggett & Platt by 5.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,879,061 shares of the company’s stock valued at $169,791,000 after purchasing an additional 265,480 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Leggett & Platt by 3.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,691,135 shares of the company’s stock valued at $58,865,000 after purchasing an additional 61,408 shares during the period. Finally, CFS Investment Advisory Services LLC boosted its holdings in shares of Leggett & Platt by 3,378.6% in the first quarter. CFS Investment Advisory Services LLC now owns 1,264,980 shares of the company’s stock valued at $36,000 after purchasing an additional 1,228,615 shares during the period. Hedge funds and other institutional investors own 71.79% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on LEG. TheStreet upgraded Leggett & Platt from a “c+” rating to a “b-” rating in a report on Monday, August 1st. Piper Sandler lowered their price target on Leggett & Platt from $40.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, June 14th. Finally, The Goldman Sachs Group lowered their price target on Leggett & Platt from $50.00 to $43.00 and set a “buy” rating for the company in a report on Thursday, June 23rd. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $43.00.
Leggett & Platt Stock Performance
Leggett & Platt (NYSE:LEG – Get Rating) last issued its quarterly earnings data on Monday, August 1st. The company reported $0.70 EPS for the quarter, hitting analysts’ consensus estimates of $0.70. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Leggett & Platt had a net margin of 7.31% and a return on equity of 23.85%. Leggett & Platt’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 earnings per share. On average, sell-side analysts predict that Leggett & Platt, Incorporated will post 2.71 earnings per share for the current fiscal year.
Leggett & Platt Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend is Wednesday, September 14th. Leggett & Platt’s payout ratio is presently 61.97%.
Insider Transactions at Leggett & Platt
In other news, Chairman Karl G. Glassman sold 26,401 shares of the company’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $40.53, for a total transaction of $1,070,032.53. Following the transaction, the chairman now directly owns 852,950 shares of the company’s stock, valued at $34,570,063.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.57% of the company’s stock.
Leggett & Platt Company Profile
Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.
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