PFG Advisors Has $497,000 Stock Position in Leggett & Platt, Incorporated (NYSE:LEG)

Posted by Defense World Staff on Jul 8th, 2023

PFG Advisors decreased its position in Leggett & Platt, Incorporated (NYSE:LEG – Free Report) by 2.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,591 shares of the company’s stock after selling 431 shares during the period. PFG Advisors’ holdings in Leggett & Platt were worth $497,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp lifted its position in Leggett & Platt by 35.5% during the 1st quarter. State Street Corp now owns 14,506,308 shares of the company’s stock worth $510,661,000 after buying an additional 3,803,469 shares in the last quarter. Norges Bank bought a new stake in Leggett & Platt during the 4th quarter worth about $30,894,000. Renaissance Technologies LLC lifted its position in Leggett & Platt by 453.3% during the 1st quarter. Renaissance Technologies LLC now owns 713,700 shares of the company’s stock worth $24,837,000 after buying an additional 584,700 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Leggett & Platt by 98.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 909,044 shares of the company’s stock worth $31,635,000 after buying an additional 451,175 shares in the last quarter. Finally, BlackRock Inc. lifted its position in Leggett & Platt by 2.9% during the 1st quarter. BlackRock Inc. now owns 14,575,438 shares of the company’s stock worth $507,226,000 after buying an additional 406,267 shares in the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.

Insider Activity at Leggett & Platt

In related news, Director Phoebe A. Wood sold 6,000 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $32.61, for a total value of $195,660.00. Following the transaction, the director now owns 53,109 shares in the company, valued at approximately $1,731,884.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

LEG has been the topic of a number of research analyst reports. The Goldman Sachs Group cut shares of Leggett & Platt from a “buy” rating to a “neutral” rating and dropped their target price for the company from $39.00 to $34.00 in a report on Tuesday, April 11th. StockNews.com initiated coverage on shares of Leggett & Platt in a report on Thursday, May 18th. They issued a “hold” rating on the stock.

Leggett & Platt Stock Down 1.0 %

Shares of LEG stock opened at $28.87 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.16 and a current ratio of 2.08. The firm’s 50-day moving average is $31.23 and its 200-day moving average is $32.43. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 14.44 and a beta of 1.28. Leggett & Platt, Incorporated has a 52-week low of $28.26 and a 52-week high of $41.94.

Leggett & Platt (NYSE:LEG – Free Report) last announced its quarterly earnings results on Monday, May 1st. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.13. Leggett & Platt had a net margin of 5.42% and a return on equity of 16.83%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the business earned $0.66 EPS. Leggett & Platt’s quarterly revenue was down 8.2% on a year-over-year basis. Sell-side analysts predict that Leggett & Platt, Incorporated will post 1.61 EPS for the current year.

Leggett & Platt Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Thursday, June 15th will be paid a $0.46 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $1.84 dividend on an annualized basis and a yield of 6.37%. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.44. Leggett & Platt’s dividend payout ratio is 92.00%.

About Leggett & Platt

(Free Report)

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, private label finished mattresses, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.