Palisade Asset Management LLC Sells 5,528 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Palisade Asset Management LLC reduced its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 33.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,159 shares of the company’s stock after selling 5,528 shares during the quarter. Palisade Asset Management LLC’s holdings in Leggett & Platt were worth $292,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Pacer Advisors Inc. grew its position in shares of Leggett & Platt by 68.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock worth $50,636,000 after buying an additional 786,297 shares during the period. Qube Research & Technologies Ltd lifted its stake in shares of Leggett & Platt by 329.6% in the 3rd quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock valued at $21,198,000 after purchasing an additional 640,015 shares during the period. Invesco Ltd. grew its stake in shares of Leggett & Platt by 45.7% during the third quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock worth $43,186,000 after purchasing an additional 532,780 shares during the period. Hsbc Holdings PLC increased its holdings in Leggett & Platt by 675.3% in the third quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock valued at $12,121,000 after purchasing an additional 415,641 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Leggett & Platt by 7.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,231,637 shares of the company’s stock worth $154,888,000 after buying an additional 405,363 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the stock in a transaction on Thursday, May 2nd. The shares were purchased at an average cost of $13.39 per share, with a total value of $133,900.00. Following the acquisition, the executive vice president now directly owns 41,535 shares in the company, valued at $556,153.65. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.57% of the company’s stock.

Analyst Upgrades and Downgrades

LEG has been the subject of a number of analyst reports. Piper Sandler decreased their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Truist Financial dropped their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday. The Goldman Sachs Group dropped their target price on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Finally, StockNews.com cut Leggett & Platt from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Two analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.33.

Leggett & Platt Stock Down 3.4 %

LEG traded down $0.47 on Tuesday, hitting $13.18. 2,765,163 shares of the company were exchanged, compared to its average volume of 1,910,759. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57. The stock’s fifty day moving average is $18.50 and its 200-day moving average is $21.97. The company has a market cap of $1.76 billion, a PE ratio of -11.36 and a beta of 1.19. Leggett & Platt, Incorporated has a 12 month low of $11.02 and a 12 month high of $33.06.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The business’s revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. Equities research analysts predict that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently -17.24%.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.