Leggett & Platt, Incorporated (NYSE:LEG) Director Acquires $64,440.00 in Stock

Leggett & Platt, Incorporated (NYSE:LEG) Director Mark A. Blinn acquired 6,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was purchased at an average price of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the acquisition, the director now owns 32,302 shares in the company, valued at $346,923.48. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.

Leggett & Platt Price Performance

LEG stock opened at $10.64 on Monday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57. Leggett & Platt, Incorporated has a 52-week low of $10.44 and a 52-week high of $32.86. The stock’s 50 day moving average is $16.24 and its two-hundred day moving average is $20.86.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. Leggett & Platt’s revenue for the quarter was down 9.6% compared to the same quarter last year. On average, analysts predict that Leggett & Platt, Incorporated will post 1.13 EPS 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 issued 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 1.88%. Leggett & Platt’s dividend payout ratio is presently -158.62%.

Analysts Set New Price Targets

A number of research firms have recently commented on LEG. Truist Financial cut their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, May 3rd. Piper Sandler dropped their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. The Goldman Sachs Group dropped their target price on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Finally, StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $13.33.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ramirez Asset Management Inc. acquired a new position in shares of Leggett & Platt in the 3rd quarter worth approximately $25,000. Fifth Third Bancorp grew its position in shares of Leggett & Platt by 253.3% in the 4th quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after acquiring an additional 722 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Leggett & Platt in the 4th quarter worth approximately $40,000. ORG Partners LLC acquired a new position in shares of Leggett & Platt in the 4th quarter worth approximately $49,000. Finally, Quadrant Capital Group LLC grew its position in shares of Leggett & Platt by 56.2% in the 4th quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock worth $56,000 after acquiring an additional 766 shares in the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

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.