Beacon Pointe Advisors LLC Increases Stock Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Beacon Pointe Advisors LLC lifted its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 72.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 33,078 shares of the company’s stock after purchasing an additional 13,923 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Leggett & Platt were worth $866,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of LEG. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Leggett & Platt by 41.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,377 shares of the company’s stock worth $365,000 after acquiring an additional 4,186 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Leggett & Platt by 34.0% during the 3rd quarter. Teacher Retirement System of Texas now owns 20,521 shares of the company’s stock worth $521,000 after acquiring an additional 5,209 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Leggett & Platt by 139.2% during the 3rd quarter. Daiwa Securities Group Inc. now owns 7,917 shares of the company’s stock worth $201,000 after acquiring an additional 4,607 shares during the last quarter. M&T Bank Corp lifted its stake in shares of Leggett & Platt by 2.4% during the 3rd quarter. M&T Bank Corp now owns 52,926 shares of the company’s stock worth $1,345,000 after acquiring an additional 1,228 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Leggett & Platt by 30.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 26,480 shares of the company’s stock worth $673,000 after acquiring an additional 6,210 shares during the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Insider Buying and Selling

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average cost of $13.39 per share, for a total transaction of $133,900.00. Following the purchase, the executive vice president now directly owns 41,535 shares in the company, valued at $556,153.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.57% of the stock is owned by company insiders.

Leggett & Platt Price Performance

Shares of NYSE:LEG opened at $11.21 on Thursday. Leggett & Platt, Incorporated has a 12-month low of $11.02 and a 12-month high of $32.86. The business’s fifty day simple moving average is $16.56 and its 200-day simple moving average is $21.04. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the business posted $0.39 earnings per share. The company’s revenue was down 9.6% compared to the same quarter last year. On average, analysts expect that Leggett & Platt, Incorporated will post 1.13 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 annualized dividend and a yield of 1.78%. Leggett & Platt’s dividend payout ratio (DPR) is -158.62%.

Analyst Upgrades and Downgrades

LEG has been the subject of a number of research analyst reports. The Goldman Sachs Group decreased their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. TheStreet lowered Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Tuesday, May 7th. Piper Sandler decreased their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Finally, Truist Financial decreased their target price on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, Leggett & Platt currently has a consensus rating of “Hold” and an average target price of $13.33.

Leggett & Platt Company 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.