Leggett & Platt, Incorporated (NYSE:LEG) Shares Bought by Arden Trust Co

Arden Trust Co increased its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 74.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,749 shares of the company’s stock after buying an additional 29,793 shares during the quarter. Arden Trust Co owned about 0.05% of Leggett & Platt worth $1,336,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Quadrature Capital Ltd grew its stake in shares of Leggett & Platt by 32.0% in the fourth quarter. Quadrature Capital Ltd now owns 49,792 shares of the company’s stock valued at $1,303,000 after buying an additional 12,064 shares in the last quarter. Vanguard Group Inc. grew its stake in Leggett & Platt by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company’s stock valued at $340,107,000 after purchasing an additional 49,086 shares in the last quarter. Speece Thorson Capital Group Inc. grew its stake in Leggett & Platt by 0.3% during the 4th quarter. Speece Thorson Capital Group Inc. now owns 805,751 shares of the company’s stock valued at $21,087,000 after purchasing an additional 2,674 shares in the last quarter. Comerica Bank grew its stake in Leggett & Platt by 8.1% during the 4th quarter. Comerica Bank now owns 67,335 shares of the company’s stock valued at $1,762,000 after purchasing an additional 5,035 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in Leggett & Platt during the 4th quarter valued at approximately $947,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

Shares of NYSE LEG traded down $0.09 during mid-day trading on Tuesday, hitting $11.55. The company had a trading volume of 3,143,478 shares, compared to its average volume of 2,273,390. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -9.96 and a beta of 1.10. Leggett & Platt, Incorporated has a 12 month low of $10.11 and a 12 month high of $31.20. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89. The firm’s 50 day simple moving average is $13.78 and its two-hundred day simple moving average is $19.44.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The firm’s revenue was down 9.6% compared to the same quarter last year. As a group, equities research analysts forecast that Leggett & Platt, Incorporated will post 1.13 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.73%. Leggett & Platt’s payout ratio is presently -17.24%.

Insiders Place Their Bets

In other news, CFO Benjamin Michael Burns purchased 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 purchase, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at $992,616.40. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were bought at an average price of $13.39 per share, with a total value of $133,900.00. Following the acquisition, the executive vice president now owns 41,535 shares of the company’s stock, valued at $556,153.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Benjamin Michael Burns acquired 3,850 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were purchased at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the acquisition, the chief financial officer now directly owns 81,362 shares in the company, valued at approximately $992,616.40. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 65,635 shares of company stock worth $773,447. 1.92% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on LEG shares. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Truist Financial reduced their target price on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, May 3rd. Piper Sandler reduced their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. Finally, The Goldman Sachs Group reduced their target price on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, Leggett & Platt has a consensus rating of “Hold” and a consensus price target of $13.33.

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.