Jupiter Topco LLC Takes $2.66 Million Position in Leggett & Platt, Incorporated $LEG

Jupiter Topco LLC purchased a new stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) in the second quarter, HoldingsChannel.com reports. The firm purchased 226,854 shares of the company’s stock, valued at approximately $2,658,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in Leggett & Platt by 59.5% in the 1st quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock worth $372,000 after buying an additional 17,561 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Leggett & Platt by 8.4% during the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after acquiring an additional 1,132 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Leggett & Platt by 3.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock worth $3,592,000 after acquiring an additional 13,187 shares during the last quarter. Jane Street Group LLC increased its position in shares of Leggett & Platt by 36.3% during the first quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock worth $9,298,000 after acquiring an additional 312,840 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Leggett & Platt by 113.5% during the first quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock worth $866,000 after acquiring an additional 58,292 shares during the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Price Performance

Shares of NYSE LEG opened at $9.20 on Thursday. Leggett & Platt, Incorporated has a twelve month low of $8.34 and a twelve 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 company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 5.90 and a beta of 0.73. The business has a 50 day simple moving average of $10.36 and a 200-day simple moving average of $10.49.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.13. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.The business had revenue of $999.70 million for the quarter, compared to analyst estimates of $982.86 million. During the same period in the prior year, the company posted $0.30 EPS. The business’s revenue was down 5.5% compared to the same quarter last year. As a group, equities research analysts expect that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, August 10th. Leggett & Platt’s dividend payout ratio is 12.82%.

Analyst Upgrades and Downgrades

LEG has been the subject of a number of analyst reports. Weiss Ratings downgraded Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Truist Financial dropped their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Piper Sandler dropped their price objective on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Finally, Zacks Research raised Leggett & Platt from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.67.

Leggett & Platt Profile

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.