Wellington Management Group LLP Buys 283,548 Shares of Leggett & Platt, Incorporated $LEG

Wellington Management Group LLP raised its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 14.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,305,636 shares of the company’s stock after buying an additional 283,548 shares during the period. Wellington Management Group LLP’s holdings in Leggett & Platt were worth $26,999,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. raised 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 valued at $36,000 after purchasing an additional 783 shares during the period. Optimize Financial Inc grew its holdings in Leggett & Platt by 1.5% during the fourth quarter. Optimize Financial Inc now owns 60,507 shares of the company’s stock worth $666,000 after purchasing an additional 868 shares during the period. GAMMA Investing LLC increased its position in Leggett & Platt by 18.3% during the second quarter. GAMMA Investing LLC now owns 6,800 shares of the company’s stock worth $80,000 after buying an additional 1,051 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Leggett & Platt by 8.4% in the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after buying an additional 1,132 shares during the period. Finally, Brooklyn Investment Group raised its stake in Leggett & Platt by 3.6% in the fourth quarter. Brooklyn Investment Group now owns 42,539 shares of the company’s stock valued at $468,000 after buying an additional 1,484 shares during the period. 64.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

LEG has been the topic of a number of research analyst reports. Piper Sandler dropped their price target on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings cut shares of Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Finally, Zacks Research upgraded shares of Leggett & Platt from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.67.

Leggett & Platt Price Performance

NYSE LEG opened at $9.20 on Friday. The business has a fifty day moving average price of $10.26 and a two-hundred day moving average price of $10.47. The stock has a market capitalization of $1.26 billion, a PE ratio of 5.90 and a beta of 0.73. Leggett & Platt, Incorporated has a fifty-two week low of $8.34 and a fifty-two week high of $13.00. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.35 and a quick ratio of 1.53.

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

Leggett & Platt Dividend Announcement

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

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.