ProShare Advisors LLC Trims Stock Position in Leggett & Platt, Incorporated (NYSE:LEG)

ProShare Advisors LLC cut its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 3.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 999,338 shares of the company’s stock after selling 37,500 shares during the period. ProShare Advisors LLC’s holdings in Leggett & Platt were worth $31,859,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LEG. Industrial Alliance Investment Management Inc. purchased a new position in shares of Leggett & Platt during the 4th quarter worth approximately $48,000. Trust Co. of Vermont purchased a new position in shares of Leggett & Platt during the 1st quarter worth approximately $51,000. Colonial Trust Co SC raised its stake in shares of Leggett & Platt by 157.2% during the 1st quarter. Colonial Trust Co SC now owns 1,775 shares of the company’s stock worth $57,000 after buying an additional 1,085 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Leggett & Platt by 179.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,024 shares of the company’s stock worth $64,000 after buying an additional 1,300 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in shares of Leggett & Platt by 18.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock worth $66,000 after buying an additional 305 shares in the last quarter. 60.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. StockNews.com assumed coverage on Leggett & Platt in a research note on Thursday, August 17th. They set a “hold” rating for the company. Truist Financial cut their target price on Leggett & Platt from $35.00 to $31.00 and set a “hold” rating for the company in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $28.67.

Leggett & Platt Stock Performance

LEG opened at $28.10 on Thursday. The stock has a market cap of $3.74 billion, a P/E ratio of 16.53 and a beta of 1.28. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.99 and a quick ratio of 1.10. The stock’s 50 day simple moving average is $29.19 and its 200 day simple moving average is $31.06. Leggett & Platt, Incorporated has a 1-year low of $27.22 and a 1-year high of $39.64.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Monday, July 31st. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.01). The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. Leggett & Platt had a return on equity of 14.02% and a net margin of 4.71%. The business’s revenue was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, equities analysts anticipate that Leggett & Platt, Incorporated will post 1.52 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date is Thursday, September 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently 108.24%.

Leggett & Platt 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, private label finished mattresses, 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.