Connor Clark & Lunn Investment Management Ltd. cut its position in shares of Leggett & Platt, Incorporated (NYSE:LEG – Free Report) by 15.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 300,395 shares of the company’s stock after selling 55,546 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Leggett & Platt were worth $4,091,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Leggett & Platt by 76.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock worth $28,000 after acquiring an additional 884 shares in the last quarter. CVA Family Office LLC acquired a new position in Leggett & Platt in the 2nd quarter worth about $36,000. Abich Financial Wealth Management LLC boosted its position in Leggett & Platt by 93.2% during the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after purchasing an additional 931 shares in the last quarter. Fifth Third Bancorp grew its holdings in Leggett & Platt by 367.8% in the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock valued at $39,000 after purchasing an additional 2,670 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of Leggett & Platt in the third quarter valued at approximately $41,000. Institutional investors and hedge funds own 64.23% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on LEG. Truist Financial lifted their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Piper Sandler upgraded shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.67.
Leggett & Platt Trading Up 2.2 %
Shares of LEG stock opened at $11.66 on Friday. Leggett & Platt, Incorporated has a fifty-two week low of $10.11 and a fifty-two week high of $27.58. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.84 and a current ratio of 1.48. The stock’s fifty day moving average is $12.67 and its two-hundred day moving average is $12.27. The firm has a market capitalization of $1.57 billion, a P/E ratio of -1.94 and a beta of 1.07.
Leggett & Platt (NYSE:LEG – Get Free Report) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The business’s quarterly revenue was down 6.3% on a year-over-year basis. Research analysts expect that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.
Leggett & Platt Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.72%. Leggett & Platt’s dividend payout ratio is presently -3.33%.
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.
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