Leggett & Platt, Incorporated (NYSE:LEG) Holdings Cut by Bank of Nova Scotia

Bank of Nova Scotia decreased its stake in Leggett & Platt, Incorporated (NYSE:LEG – Get Rating) by 55.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 9,034 shares of the company’s stock after selling 11,435 shares during the quarter. Bank of Nova Scotia’s holdings in Leggett & Platt were worth $291,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new position in shares of Leggett & Platt during the 3rd quarter worth $26,000. Ten Capital Wealth Advisors LLC acquired a new position in shares of Leggett & Platt during the 3rd quarter worth $28,000. Accurate Wealth Management LLC acquired a new position in shares of Leggett & Platt during the 4th quarter worth $45,000. Boyd Watterson Asset Management LLC OH acquired a new position in shares of Leggett & Platt during the 4th quarter worth $47,000. Finally, Disciplined Investments LLC increased its stake in shares of Leggett & Platt by 474.7% during the 4th quarter. Disciplined Investments LLC now owns 1,523 shares of the company’s stock worth $49,000 after purchasing an additional 1,258 shares during the last quarter. Hedge funds and other institutional investors own 69.42% of the company’s stock.

Leggett & Platt Stock Performance

NYSE:LEG opened at $31.63 on Friday. Leggett & Platt, Incorporated has a 1 year low of $30.05 and a 1 year high of $41.94. The firm’s fifty day simple moving average is $31.66 and its 200 day simple moving average is $33.32. The company has a current ratio of 2.08, a quick ratio of 1.16 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $4.21 billion, a PE ratio of 15.82 and a beta of 1.30.

Leggett & Platt (NYSE:LEG – Get Rating) last posted its earnings results on Monday, May 1st. The company reported $0.39 earnings per share (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 period last year, the business posted $0.66 EPS. Leggett & Platt’s revenue was down 8.2% compared to the same quarter last year. On average, sell-side analysts anticipate 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. Shareholders of record on Thursday, June 15th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 5.82%. This is a positive change from Leggett & Platt’s previous quarterly dividend of $0.44. The ex-dividend date is Wednesday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is currently 88.00%.

Wall Street Analyst Weigh In

LEG has been the topic of several analyst reports. StockNews.com initiated coverage on shares of Leggett & Platt in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Piper Sandler dropped their price target on shares of Leggett & Platt from $24.00 to $21.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 8th. Finally, The Goldman Sachs Group lowered shares of Leggett & Platt from a “buy” rating to a “neutral” rating and lowered their target price for the company from $39.00 to $34.00 in a research note on Tuesday, April 11th.

Insiders Place Their Bets

In other Leggett & Platt news, Director Phoebe A. Wood sold 6,000 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $32.61, for a total value of $195,660.00. Following the sale, the director now directly owns 53,109 shares in the company, valued at approximately $1,731,884.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.57% of the company’s stock.

About Leggett & Platt

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Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding, Flooring, Furniture & Textile, and Specialized Products. The Bedding Products segment supplies products and components for the home, including mattress springs and specialty foam, as well as adjustable beds, bedding machinery, steel rod, and drawn wire.