Silver Lake Advisory LLC Buys New Position in Leggett & Platt, Incorporated (NYSE:LEG)

Silver Lake Advisory LLC purchased a new stake in Leggett & Platt, Incorporated (NYSE:LEG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 10,157 shares of the company’s stock, valued at approximately $266,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Exchange Traded Concepts LLC purchased a new position in shares of Leggett & Platt in the 3rd quarter valued at approximately $116,000. Handelsbanken Fonder AB raised its holdings in Leggett & Platt by 7.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 27,700 shares of the company’s stock worth $704,000 after acquiring an additional 2,000 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Leggett & Platt by 2.9% in the third quarter. Commonwealth Equity Services LLC now owns 294,003 shares of the company’s stock worth $7,471,000 after acquiring an additional 8,278 shares during the period. Hexagon Capital Partners LLC increased its position in Leggett & Platt by 67.5% during the third quarter. Hexagon Capital Partners LLC now owns 1,930 shares of the company’s stock valued at $49,000 after acquiring an additional 778 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in Leggett & Platt by 15.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 61,524 shares of the company’s stock valued at $1,563,000 after buying an additional 8,372 shares during the period. 64.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. TheStreet downgraded shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Truist Financial lowered their target price on Leggett & Platt from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Tuesday, March 26th. StockNews.com cut Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. The Goldman Sachs Group cut their price objective on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Piper Sandler decreased their price target on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.33.

Leggett & Platt Trading Down 0.6 %

Shares of NYSE:LEG traded down $0.08 during trading on Thursday, reaching $13.17. The company’s stock had a trading volume of 2,428,014 shares, compared to its average volume of 1,825,762. The stock has a market capitalization of $1.76 billion, a PE ratio of -11.40 and a beta of 1.19. Leggett & Platt, Incorporated has a 12 month low of $11.02 and a 12 month high of $33.11. The company has a current ratio of 1.49, a quick ratio of 0.84 and a debt-to-equity ratio of 1.26. The firm’s 50 day simple moving average is $18.90 and its two-hundred day simple moving average is $22.21.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Leggett & Platt had a positive return on equity of 10.84% and a negative net margin of 3.44%. Leggett & Platt’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 EPS. On average, research analysts predict that Leggett & Platt, Incorporated will post 1.17 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.52%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s payout ratio is currently -158.62%.

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.