Synovus Financial Corp Has $432,000 Stock Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Synovus Financial Corp lowered its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 35.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,694 shares of the company’s stock after selling 17,219 shares during the period. Synovus Financial Corp’s holdings in Leggett & Platt were worth $432,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position 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 buying an additional 884 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Leggett & Platt in the third quarter worth $29,000. Point72 Hong Kong Ltd bought a new stake in Leggett & Platt in the third quarter valued at $37,000. Fifth Third Bancorp raised its holdings in shares of Leggett & Platt by 367.8% during 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 bought a new position in shares of Leggett & Platt during the 3rd quarter worth about $41,000. 64.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt Price Performance

LEG stock opened at $10.13 on Thursday. 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 business has a 50-day simple moving average of $12.22 and a two-hundred day simple moving average of $12.31. The company has a market capitalization of $1.36 billion, a P/E ratio of -1.69 and a beta of 1.07. Leggett & Platt, Incorporated has a 52-week low of $10.07 and a 52-week high of $27.01.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.01). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 EPS. Research analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 1.97%. Leggett & Platt’s dividend payout ratio is currently -3.33%.

About Leggett & Platt

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.