Handelsbanken Fonder AB grew its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG – Free Report) by 55.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,500 shares of the company’s stock after acquiring an additional 9,100 shares during the period. Handelsbanken Fonder AB’s holdings in Leggett & Platt were worth $813,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Oregon Public Employees Retirement Fund raised its position in shares of Leggett & Platt by 0.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 39,012 shares of the company’s stock worth $1,257,000 after acquiring an additional 299 shares during the period. State of Michigan Retirement System raised its position in shares of Leggett & Platt by 0.9% during the 4th quarter. State of Michigan Retirement System now owns 33,748 shares of the company’s stock worth $1,088,000 after purchasing an additional 300 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Leggett & Platt by 18.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock worth $66,000 after purchasing an additional 305 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Leggett & Platt by 0.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 56,604 shares of the company’s stock worth $1,957,000 after purchasing an additional 312 shares during the last quarter. Finally, Jeppson Wealth Management LLC raised its position in shares of Leggett & Platt by 4.1% during the 4th quarter. Jeppson Wealth Management LLC now owns 8,694 shares of the company’s stock worth $280,000 after purchasing an additional 346 shares during the last quarter. Institutional investors own 67.95% of the company’s stock.
Leggett & Platt Stock Down 1.4 %
LEG stock opened at $29.38 on Friday. The company has a market cap of $3.91 billion, a price-to-earnings ratio of 14.69 and a beta of 1.28. The company has a current ratio of 2.08, a quick ratio of 1.16 and a debt-to-equity ratio of 1.27. Leggett & Platt, Incorporated has a 12 month low of $28.26 and a 12 month high of $41.94. The firm has a 50-day moving average of $30.73 and a two-hundred day moving average of $32.26.
Leggett & Platt Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Thursday, June 15th were paid a $0.46 dividend. This is a boost from Leggett & Platt’s previous quarterly dividend of $0.44. The ex-dividend date was Wednesday, June 14th. This represents a $1.84 annualized dividend and a dividend yield of 6.26%. Leggett & Platt’s dividend payout ratio is 92.00%.
Analysts Set New Price Targets
Several research analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Leggett & Platt in a research report on Thursday, May 18th. They set a “hold” rating for the company. The Goldman Sachs Group downgraded shares of Leggett & Platt from a “buy” rating to a “neutral” rating and cut their price objective for the company from $39.00 to $34.00 in a report on Tuesday, April 11th.
Insider Activity
In related news, Director Phoebe A. Wood sold 6,000 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $32.61, for a total transaction of $195,660.00. Following the completion of the transaction, the director now owns 53,109 shares of the company’s stock, valued at approximately $1,731,884.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.57% of the company’s stock.
Leggett & Platt Company Profile
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.
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