Wedmont Private Capital Purchases New Position in Leggett & Platt, Incorporated (NYSE:LEG)

Wedmont Private Capital purchased a new stake in Leggett & Platt, Incorporated (NYSE:LEG) during the 2nd quarter, HoldingsChannel reports. The fund purchased 62,540 shares of the company’s stock, valued at approximately $770,000.

Other institutional investors have also bought and sold shares of the company. TFO Wealth Partners LLC boosted its stake in Leggett & Platt by 10,833.3% in the fourth quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock worth $157,000 after purchasing an additional 650 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Leggett & Platt during the fourth quarter worth $40,000. ORG Partners LLC bought a new stake in shares of Leggett & Platt during the fourth quarter worth $49,000. Abich Financial Wealth Management LLC raised its position in shares of Leggett & Platt by 93.2% during the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after acquiring an additional 931 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in Leggett & Platt by 56.2% in the fourth quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock valued at $56,000 after purchasing an additional 766 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Insider Transactions at Leggett & Platt

In other news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of Leggett & Platt stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $10.95 per share, with a total value of $109,500.00. Following the completion of the transaction, the executive vice president now directly owns 52,110 shares of the company’s stock, valued at $570,604.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Leggett & Platt news, CFO Benjamin Michael Burns acquired 3,850 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $12.20 per share, with a total value of $46,970.00. Following the completion of the transaction, the chief financial officer now directly owns 81,362 shares in the company, valued at approximately $992,616.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was acquired at an average cost of $10.95 per share, with a total value of $109,500.00. Following the completion of the transaction, the executive vice president now owns 52,110 shares of the company’s stock, valued at $570,604.50. The disclosure for this purchase can be found here. Insiders bought 55,635 shares of company stock valued at $639,547 over the last three months. Company insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on LEG shares. StockNews.com downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a report on Saturday, July 6th. The Goldman Sachs Group dropped their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Truist Financial upped their price objective on Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a report on Monday, August 5th. Finally, Piper Sandler dropped their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Based on data from MarketBeat.com, Leggett & Platt presently has a consensus rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Up 3.3 %

Shares of LEG stock traded up $0.40 on Tuesday, hitting $12.42. 681,534 shares of the stock were exchanged, compared to its average volume of 2,579,733. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. The firm has a market capitalization of $1.66 billion, a P/E ratio of -10.56 and a beta of 1.08. The business has a 50-day moving average of $12.04 and a 200 day moving average of $15.77. Leggett & Platt, Incorporated has a fifty-two week low of $10.11 and a fifty-two week high of $28.80.

Leggett & Platt Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.61%. Leggett & Platt’s dividend payout ratio is currently -17.24%.

Leggett & Platt 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.