Gabelli Funds LLC Acquires Shares of 74,950 Leggett & Platt, Incorporated $LEG

Gabelli Funds LLC acquired a new stake in Leggett & Platt, Incorporated (NYSE:LEG) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 74,950 shares of the company’s stock, valued at approximately $741,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Palisade Asset Management LLC purchased a new stake in shares of Leggett & Platt in the third quarter valued at $29,000. Motiv8 Investments LLC purchased a new position in shares of Leggett & Platt during the 4th quarter worth about $34,000. Hantz Financial Services Inc. boosted its stake 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 period. Advisory Services Network LLC bought a new position in Leggett & Platt during the 3rd quarter valued at about $51,000. Finally, Kingdom Financial Group LLC. bought a new position in Leggett & Platt during the 4th quarter valued at about $66,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on LEG shares. Weiss Ratings downgraded shares of Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday. Truist Financial cut their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Finally, Zacks Research upgraded Leggett & Platt from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and a consensus target price of $11.33.

Leggett & Platt Stock Down 2.6%

Leggett & Platt stock opened at $10.01 on Friday. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44. The firm has a market cap of $1.37 billion, a P/E ratio of 6.21 and a beta of 0.71. The business has a fifty day moving average of $10.79 and a two-hundred day moving average of $10.96. Leggett & Platt, Incorporated has a twelve month low of $7.86 and a twelve month high of $13.00.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). The company had revenue of $918.20 million during the quarter, compared to analysts’ expectations of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The company’s revenue was down 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 earnings per share. On average, analysts forecast that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, August 10th. Leggett & Platt’s payout ratio is 12.42%.

Leggett & Platt Company 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.