Leggett & Platt, Incorporated (NYSE:LEG) Shares Bought by Advisors Asset Management Inc.

Advisors Asset Management Inc. boosted its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 61.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 268,814 shares of the company’s stock after purchasing an additional 102,113 shares during the period. Advisors Asset Management Inc. owned approximately 0.20% of Leggett & Platt worth $5,148,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Leggett & Platt by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company’s stock valued at $340,107,000 after purchasing an additional 49,086 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Leggett & Platt by 12.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,373,959 shares of the company’s stock valued at $62,127,000 after acquiring an additional 262,145 shares during the last quarter. ProShare Advisors LLC boosted its stake in Leggett & Platt by 1.0% during the 1st quarter. ProShare Advisors LLC now owns 1,284,654 shares of the company’s stock valued at $24,601,000 after acquiring an additional 12,502 shares during the last quarter. Norges Bank bought a new position in Leggett & Platt during the 4th quarter valued at $26,814,000. Finally, Speece Thorson Capital Group Inc. boosted its stake in Leggett & Platt by 0.3% during the 4th quarter. Speece Thorson Capital Group Inc. now owns 805,751 shares of the company’s stock valued at $21,087,000 after acquiring an additional 2,674 shares during the last quarter. 64.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on LEG. Piper Sandler reduced their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Truist Financial reduced their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, June 27th. The Goldman Sachs Group reduced their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Saturday, July 6th. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.00.

Leggett & Platt Stock Performance

Shares of Leggett & Platt stock traded up $0.38 during trading hours on Friday, reaching $13.23. The company’s stock had a trading volume of 1,680,623 shares, compared to its average volume of 1,952,838. The company’s 50 day simple moving average is $11.67 and its 200 day simple moving average is $16.76. 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 one year low of $10.11 and a one year high of $30.69. The stock has a market cap of $1.77 billion, a P/E ratio of -11.41 and a beta of 1.08.

Leggett & Platt (NYSE:LEG) last posted 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 positive return on equity of 11.31% and a negative net margin of 3.44%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the business posted $0.39 earnings per share. The company’s quarterly revenue was down 9.6% compared to the same quarter last year. As a group, analysts expect that Leggett & Platt, Incorporated will post 1.11 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 14th were given a $0.05 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.20 annualized dividend and a yield of 1.51%. Leggett & Platt’s dividend payout ratio is presently -17.24%.

Insider Activity at Leggett & Platt

In other news, CFO Benjamin Michael Burns acquired 3,850 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the transaction, the chief financial officer now directly owns 81,362 shares in the company, valued at approximately $992,616.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Karl G. Glassman acquired 23,800 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were purchased at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the transaction, the chief executive officer now directly owns 1,151,891 shares in the company, valued at approximately $13,223,708.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Benjamin Michael Burns bought 3,850 shares of the stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the purchase, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The disclosure for this purchase can be found here. Insiders have bought a total of 65,635 shares of company stock worth $773,447 in the last ninety days. 1.57% of the stock is owned by insiders.

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.