Gateway Investment Advisers LLC Makes New Investment in Leggett & Platt, Incorporated (NYSE:LEG)

Gateway Investment Advisers LLC purchased a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 11,613 shares of the company’s stock, valued at approximately $133,000.

Several other institutional investors and hedge funds have also recently modified their holdings of LEG. Treasurer of the State of North Carolina lifted its stake in shares of Leggett & Platt by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 58,754 shares of the company’s stock valued at $1,538,000 after purchasing an additional 570 shares during the last quarter. TFO Wealth Partners LLC lifted its holdings in shares of Leggett & Platt by 10,833.3% in the 4th quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock worth $157,000 after acquiring an additional 650 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of Leggett & Platt by 0.4% during the 1st quarter. New York State Teachers Retirement System now owns 161,369 shares of the company’s stock worth $3,090,000 after purchasing an additional 700 shares during the period. Quadrant Capital Group LLC increased its holdings in Leggett & Platt by 56.2% in the 4th quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock valued at $56,000 after purchasing an additional 766 shares during the last quarter. Finally, State of Michigan Retirement System raised its position in Leggett & Platt by 2.5% in the first quarter. State of Michigan Retirement System now owns 32,748 shares of the company’s stock valued at $627,000 after purchasing an additional 800 shares during the period. Institutional investors and hedge funds own 64.23% of the company’s stock.

Insider Activity

In other news, Director Srikanth Padmanabhan acquired 10,000 shares of Leggett & Platt stock in a transaction that occurred on Wednesday, June 5th. The shares were acquired at an average price of $12.06 per share, with a total value of $120,600.00. Following the purchase, the director now directly owns 38,623 shares of the company’s stock, valued at $465,793.38. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Mark A. Blinn purchased 6,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was purchased at an average cost of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the purchase, the director now directly owns 32,302 shares in the company, valued at $346,923.48. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Srikanth Padmanabhan acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was purchased at an average cost of $12.06 per share, with a total value of $120,600.00. Following the transaction, the director now owns 38,623 shares in the company, valued at $465,793.38. The disclosure for this purchase can be found here. Insiders have purchased 55,635 shares of company stock valued at $639,547 over the last three months. 1.57% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Piper Sandler cut their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. StockNews.com downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a report on Saturday, July 6th. The Goldman Sachs Group decreased their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Truist Financial boosted their target price on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat, Leggett & Platt presently has a consensus rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Performance

NYSE:LEG traded down $0.21 during trading hours on Friday, hitting $12.38. 1,334,220 shares of the company traded hands, compared to its average volume of 2,599,896. The firm has a 50-day moving average of $12.04 and a 200 day moving average of $15.91. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -10.67 and a beta of 1.08. Leggett & Platt, Incorporated has a twelve month low of $10.11 and a twelve month high of $29.83.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be given a dividend of $0.05 per share. The ex-dividend date is Friday, September 13th. This represents a $0.20 annualized dividend and a yield of 1.62%. Leggett & Platt’s dividend payout ratio (DPR) is -17.24%.

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.