Pacer Advisors Inc. Cuts Position in Leggett & Platt, Incorporated $LEG

Pacer Advisors Inc. decreased its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 9.5% in the 1st quarter, Holdings Channel reports. The firm owned 1,073,271 shares of the company’s stock after selling 112,400 shares during the quarter. Pacer Advisors Inc.’s holdings in Leggett & Platt were worth $10,604,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Motiv8 Investments LLC purchased a new position in Leggett & Platt in the fourth quarter valued at about $34,000. Palisade Asset Management LLC purchased a new stake in shares of Leggett & Platt during the 3rd quarter worth approximately $29,000. Hantz Financial Services Inc. grew its holdings in shares of Leggett & Platt by 32.0% in the 4th quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after acquiring an additional 783 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Leggett & Platt in the 3rd quarter worth approximately $51,000. Finally, Kingdom Financial Group LLC. acquired a new stake in shares of Leggett & Platt in the 4th quarter worth approximately $66,000. 64.23% of the stock is owned by hedge funds and other institutional investors.

Leggett & Platt Stock Performance

Shares of LEG opened at $10.46 on Wednesday. The company has a current ratio of 2.33, a quick ratio of 1.45 and a debt-to-equity ratio of 1.44. The stock has a market cap of $1.43 billion, a P/E ratio of 6.49 and a beta of 0.73. The company has a 50-day moving average of $10.79 and a two-hundred day moving average of $10.92. Leggett & Platt, Incorporated has a 12-month low of $8.32 and a 12-month high of $13.00.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.11). The business had revenue of $918.20 million during the quarter, compared to analysts’ expectations of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period last year, the company earned $0.24 EPS. As a group, research analysts predict that Leggett & Platt, Incorporated will post 0.9 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.20 dividend on an annualized basis and a yield of 1.9%. Leggett & Platt’s dividend payout ratio is presently 12.42%.

Analyst Upgrades and Downgrades

LEG has been the subject of several research reports. Truist Financial reduced their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Friday, May 8th. Weiss Ratings lowered Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Finally, Zacks Research upgraded Leggett & Platt from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.33.

About Leggett & Platt

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.