Lakewood Capital Management LP Invests $9.72 Million in Leggett & Platt, Incorporated $LEG

Lakewood Capital Management LP bought a new stake in Leggett & Platt, Incorporated (NYSE:LEG) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 830,000 shares of the company’s stock, valued at approximately $9,719,000. Lakewood Capital Management LP owned about 0.61% of Leggett & Platt as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elevation Wealth Partners LLC grew its stake in Leggett & Platt by 752.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 2,311 shares of the company’s stock valued at $27,000 after acquiring an additional 2,040 shares in the last quarter. Palisade Asset Management LLC purchased a new position in Leggett & Platt in the 3rd quarter worth approximately $29,000. Motiv8 Investments LLC purchased a new position in Leggett & Platt in the 4th quarter worth approximately $34,000. Hantz Financial Services Inc. boosted its holdings in shares of Leggett & Platt by 32.0% during the 4th quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after purchasing an additional 783 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Leggett & Platt during the 3rd quarter worth approximately $51,000. 64.23% of the stock is owned by hedge funds and other institutional investors.

Leggett & Platt Stock Down 0.1%

Shares of LEG opened at $9.40 on Tuesday. The company’s 50-day moving average price is $10.60 and its 200 day moving average price is $10.66. Leggett & Platt, Incorporated has a 12-month low of $8.34 and a 12-month high of $13.00. The company has a current ratio of 2.35, a quick ratio of 1.53 and a debt-to-equity ratio of 1.38. The firm has a market cap of $1.28 billion, a P/E ratio of 6.03 and a beta of 0.73.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.13. Leggett & Platt had a net margin of 5.64% and a return on equity of 13.31%. The business had revenue of $999.70 million during the quarter, compared to analysts’ expectations of $982.86 million. During the same period last year, the business earned $0.30 earnings per share. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. On average, sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Monday, August 10th. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings cut Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Zacks Research upgraded Leggett & Platt from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 19th. Piper Sandler cut their target price on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Finally, Truist Financial reduced their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $10.67.

About Leggett & Platt

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.