California Public Employees Retirement System Sells 19,008 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

California Public Employees Retirement System cut its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 7.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 238,133 shares of the company’s stock after selling 19,008 shares during the period. California Public Employees Retirement System owned 0.18% of Leggett & Platt worth $6,232,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Leggett & Platt by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,946,981 shares of the company’s stock worth $328,983,000 after purchasing an additional 117,499 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Leggett & Platt by 7.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,231,637 shares of the company’s stock valued at $154,888,000 after acquiring an additional 405,363 shares during the period. Pacer Advisors Inc. raised its holdings in Leggett & Platt by 68.5% in the 4th quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock valued at $50,636,000 after acquiring an additional 786,297 shares in the last quarter. Invesco Ltd. lifted its position in shares of Leggett & Platt by 45.7% in the 3rd quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock worth $43,186,000 after acquiring an additional 532,780 shares during the period. Finally, Qube Research & Technologies Ltd grew its holdings in shares of Leggett & Platt by 329.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock worth $21,198,000 after purchasing an additional 640,015 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the transaction, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.57% of the company’s stock.

Leggett & Platt Stock Up 2.9 %

Shares of NYSE:LEG opened at $13.95 on Friday. The company has a market capitalization of $1.87 billion, a PE ratio of -12.03 and a beta of 1.19. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.84 and a current ratio of 1.57. The company’s fifty day moving average is $18.63 and its 200-day moving average is $22.06. Leggett & Platt, Incorporated has a 52 week low of $11.02 and a 52 week high of $33.11.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. During the same quarter last year, the firm earned $0.39 earnings per share. Leggett & Platt’s quarterly revenue was down 9.6% on a year-over-year basis. Equities research analysts predict that Leggett & Platt, Incorporated will post 1.15 earnings per share for the current fiscal year.

Leggett & Platt Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a $0.05 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.20 annualized dividend and a yield of 1.43%. Leggett & Platt’s payout ratio is -158.62%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LEG. Truist Financial cut their target price on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research note on Friday. TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. The Goldman Sachs Group lowered their target price on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday. StockNews.com cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Monday, March 11th. Finally, Piper Sandler lowered their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $13.33.

Leggett & Platt Profile

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.