Comerica Bank Sells 5,871 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Comerica Bank cut its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 10.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,437 shares of the company’s stock after selling 5,871 shares during the quarter. Comerica Bank’s holdings in Leggett & Platt were worth $503,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in LEG. SRS Capital Advisors Inc. grew its stake in shares of Leggett & Platt by 555.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company’s stock worth $30,000 after acquiring an additional 2,629 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Leggett & Platt in the fourth quarter worth approximately $50,000. KBC Group NV grew its stake in shares of Leggett & Platt by 74.5% in the fourth quarter. KBC Group NV now owns 7,028 shares of the company’s stock worth $67,000 after acquiring an additional 3,000 shares during the period. Sterling Capital Management LLC grew its stake in shares of Leggett & Platt by 17.1% in the fourth quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock worth $77,000 after acquiring an additional 1,163 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of Leggett & Platt by 461.6% in the fourth quarter. Blue Trust Inc. now owns 9,688 shares of the company’s stock worth $93,000 after acquiring an additional 7,963 shares during the period. 64.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LEG has been the subject of several recent research reports. Piper Sandler restated a “neutral” rating and set a $9.00 target price (down from $12.00) on shares of Leggett & Platt in a research report on Friday, April 11th. The Goldman Sachs Group boosted their target price on shares of Leggett & Platt from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Wednesday, April 30th. Finally, Truist Financial cut their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, January 29th.

Leggett & Platt Stock Performance

Shares of NYSE LEG opened at $9.46 on Thursday. The firm has a 50 day moving average of $8.02 and a 200 day moving average of $9.80. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -2.54 and a beta of 0.75. Leggett & Platt, Incorporated has a 12-month low of $6.48 and a 12-month high of $14.24.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Monday, April 28th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The company’s revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 earnings per share. On average, research analysts anticipate that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.11%. Leggett & Platt’s dividend payout ratio is -5.35%.

Leggett & Platt Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.