Empowered Funds LLC Makes New Investment in Leggett & Platt, Incorporated $LEG

Empowered Funds LLC acquired a new position in Leggett & Platt, Incorporated (NYSE:LEG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 270,526 shares of the company’s stock, valued at approximately $3,168,000.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of Leggett & Platt by 59.5% during the first quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock valued at $372,000 after buying an additional 17,561 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Leggett & Platt by 8.4% during the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after acquiring an additional 1,132 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Leggett & Platt by 3.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock valued at $3,592,000 after acquiring an additional 13,187 shares in the last quarter. Jane Street Group LLC boosted its holdings in Leggett & Platt by 36.3% during the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock worth $9,298,000 after acquiring an additional 312,840 shares during the last quarter. Finally, Acadian Asset Management LLC grew its stake in shares of Leggett & Platt by 113.5% in the 1st quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock worth $866,000 after acquiring an additional 58,292 shares in the last quarter. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Price Performance

LEG opened at $9.20 on Wednesday. The firm has a 50-day moving average price of $10.40 and a 200-day moving average price of $10.51. Leggett & Platt, Incorporated has a twelve month low of $8.34 and a twelve month high of $13.00. The company has a quick ratio of 1.53, a current ratio of 2.35 and a debt-to-equity ratio of 1.38. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 5.90 and a beta of 0.73.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.13. The company had revenue of $999.70 million for the quarter, compared to analysts’ expectations of $982.86 million. Leggett & Platt had a net margin of 5.64% and a return on equity of 13.31%. During the same period in the prior year, the company posted $0.30 EPS. Leggett & Platt’s revenue was down 5.5% compared to the same quarter last year. Equities analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Leggett & Platt Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, August 10th. Leggett & Platt’s dividend payout ratio (DPR) is presently 12.82%.

Wall Street Analyst Weigh In

LEG has been the subject of several analyst reports. Zacks Research upgraded shares of Leggett & Platt from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 19th. Piper Sandler reduced their price objective on shares of Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, August 12th. Truist Financial decreased their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Finally, Weiss Ratings downgraded Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.67.

Leggett & Platt Company Profile

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.