Fmr LLC Buys 672,290 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Fmr LLC lifted its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 3,264.5% during the 3rd quarter, Holdings Channel reports. The firm owned 692,884 shares of the company’s stock after acquiring an additional 672,290 shares during the period. Fmr LLC’s holdings in Leggett & Platt were worth $9,437,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEG. Qsemble Capital Management LP bought a new stake in Leggett & Platt during the third quarter worth about $371,000. Cerity Partners LLC increased its position in Leggett & Platt by 158.2% during the third quarter. Cerity Partners LLC now owns 83,402 shares of the company’s stock worth $1,136,000 after buying an additional 51,106 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new position in Leggett & Platt during the third quarter worth approximately $369,000. Intech Investment Management LLC acquired a new position in Leggett & Platt during the third quarter worth approximately $302,000. Finally, Moors & Cabot Inc. acquired a new position in Leggett & Platt during the third quarter worth approximately $210,000. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Stock Down 2.8 %

NYSE LEG opened at $11.65 on Thursday. Leggett & Platt, Incorporated has a fifty-two week low of $10.11 and a fifty-two week high of $27.58. The stock has a market capitalization of $1.56 billion, a PE ratio of -1.94 and a beta of 1.07. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84. The business has a fifty day moving average price of $12.39 and a two-hundred day moving average price of $12.29.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.36 earnings per share. Equities analysts expect that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.72%. Leggett & Platt’s payout ratio is currently -3.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LEG shares. Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $11.00 to $13.00 in a research report on Wednesday, October 30th. StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.67.

About Leggett & Platt

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.