Raymond James & Associates Has $7.60 Million Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Raymond James & Associates cut its position in shares of Leggett & Platt, Incorporated (NYSE:LEG – Get Rating) by 8.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 235,720 shares of the company’s stock after selling 20,817 shares during the quarter. Raymond James & Associates’ holdings in Leggett & Platt were worth $7,597,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of LEG. IFP Advisors Inc grew its holdings in Leggett & Platt by 4.9% in the fourth quarter. IFP Advisors Inc now owns 23,539 shares of the company’s stock worth $603,000 after purchasing an additional 1,109 shares during the period. California Public Employees Retirement System grew its holdings in Leggett & Platt by 18.0% in the third quarter. California Public Employees Retirement System now owns 317,079 shares of the company’s stock worth $10,533,000 after purchasing an additional 48,318 shares during the period. Commonwealth Equity Services LLC grew its holdings in Leggett & Platt by 1.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 291,862 shares of the company’s stock worth $9,406,000 after purchasing an additional 5,178 shares during the period. BlackRock Inc. grew its holdings in Leggett & Platt by 2.0% in the third quarter. BlackRock Inc. now owns 15,118,584 shares of the company’s stock worth $502,239,000 after purchasing an additional 301,672 shares during the period. Finally, AMG National Trust Bank grew its holdings in Leggett & Platt by 1.8% in the third quarter. AMG National Trust Bank now owns 90,248 shares of the company’s stock worth $2,998,000 after purchasing an additional 1,598 shares during the period. 69.42% of the stock is currently owned by institutional investors and hedge funds.

Leggett & Platt Stock Down 1.3 %

LEG opened at $32.54 on Friday. The company has a debt-to-equity ratio of 1.27, a current ratio of 2.08 and a quick ratio of 1.16. The company’s 50-day moving average is $31.57 and its 200 day moving average is $33.33. Leggett & Platt, Incorporated has a fifty-two week low of $30.05 and a fifty-two week high of $41.94. The firm has a market capitalization of $4.33 billion, a P/E ratio of 16.27 and a beta of 1.30.

Leggett & Platt (NYSE:LEG – Get Rating) last released its quarterly earnings results on Monday, May 1st. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.13. Leggett & Platt had a net margin of 5.42% and a return on equity of 16.83%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the firm earned $0.66 earnings per share. The firm’s revenue was down 8.2% on a year-over-year basis. Research analysts expect that Leggett & Platt, Incorporated will post 1.61 earnings per share for the current fiscal year.

Leggett & Platt Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Thursday, June 15th will be given a dividend of $0.46 per share. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.44. This represents a $1.84 dividend on an annualized basis and a dividend yield of 5.65%. The ex-dividend date is Wednesday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently 88.00%.

Analyst Upgrades and Downgrades

LEG has been the topic of a number of recent research reports. The Goldman Sachs Group lowered shares of Leggett & Platt from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $39.00 to $34.00 in a research note on Tuesday, April 11th. Piper Sandler dropped their price objective on shares of Leggett & Platt from $24.00 to $21.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 8th. Finally, StockNews.com initiated coverage on shares of Leggett & Platt in a research note on Thursday. They issued a “hold” rating on the stock.

Leggett & Platt Profile

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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, Flooring, Furniture & Textile, and Specialized Products. The Bedding Products segment supplies products and components for the home, including mattress springs and specialty foam, as well as adjustable beds, bedding machinery, steel rod, and drawn wire.