Bank of Nova Scotia Buys Shares of 18,562 Leggett & Platt, Incorporated (NYSE:LEG)

Bank of Nova Scotia purchased a new position in shares of Leggett & Platt, Incorporated (NYSE:LEGGet Rating) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 18,562 shares of the company’s stock, valued at approximately $642,000.

A number of other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. increased its stake in Leggett & Platt by 18.9% during the first quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock worth $66,000 after purchasing an additional 305 shares during the period. Avantax Advisory Services Inc. lifted its holdings in Leggett & Platt by 5.8% during the 2nd quarter. Avantax Advisory Services Inc. now owns 6,534 shares of the company’s stock worth $226,000 after buying an additional 357 shares in the last quarter. M&T Bank Corp boosted its position in Leggett & Platt by 0.7% in the 2nd quarter. M&T Bank Corp now owns 51,193 shares of the company’s stock valued at $1,771,000 after buying an additional 359 shares during the period. First City Capital Management Inc. grew its stake in shares of Leggett & Platt by 1.2% in the first quarter. First City Capital Management Inc. now owns 32,480 shares of the company’s stock worth $1,130,000 after acquiring an additional 400 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Leggett & Platt by 2.3% during the second quarter. State of Alaska Department of Revenue now owns 19,189 shares of the company’s stock worth $663,000 after acquiring an additional 430 shares during the period. 71.79% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Price Performance

Shares of NYSE LEG opened at $34.71 on Monday. The stock’s 50-day simple moving average is $34.13 and its 200-day simple moving average is $36.54. The firm has a market capitalization of $4.60 billion, a PE ratio of 13.10 and a beta of 1.26. Leggett & Platt, Incorporated has a fifty-two week low of $30.28 and a fifty-two week high of $43.89. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.06 and a current ratio of 2.07.

Leggett & Platt (NYSE:LEGGet Rating) last released its quarterly earnings data on Monday, October 31st. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Leggett & Platt had a net margin of 6.86% and a return on equity of 22.32%. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the company earned $0.71 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities research analysts forecast that Leggett & Platt, Incorporated will post 2.36 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Thursday, December 15th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 5.07%. Leggett & Platt’s payout ratio is 66.42%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. The Goldman Sachs Group decreased their target price on Leggett & Platt from $45.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, October 12th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Tuesday, November 15th. TheStreet cut shares of Leggett & Platt from a “b-” rating to a “c+” rating in a report on Thursday, October 20th. Truist Financial lowered their price target on shares of Leggett & Platt from $41.00 to $35.00 in a report on Tuesday, October 11th. Finally, Piper Sandler reduced their price objective on shares of Leggett & Platt from $37.00 to $31.00 in a report on Tuesday, October 11th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Leggett & Platt currently has a consensus rating of “Hold” and an average price target of $39.00.

Leggett & Platt Company Profile

(Get Rating)

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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Institutional Ownership by Quarter for Leggett & Platt (NYSE:LEG)

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