Whittier Trust Co. Cuts Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Whittier Trust Co. trimmed its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 42.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,060 shares of the company’s stock after selling 5,833 shares during the period. Whittier Trust Co.’s holdings in Leggett & Platt were worth $110,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Allspring Global Investments Holdings LLC increased its stake in Leggett & Platt by 76.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after purchasing an additional 884 shares in the last quarter. CVA Family Office LLC purchased a new position in Leggett & Platt in the 2nd quarter valued at approximately $36,000. Abich Financial Wealth Management LLC increased its stake in Leggett & Platt by 93.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after purchasing an additional 931 shares in the last quarter. Fifth Third Bancorp increased its stake in Leggett & Platt by 367.8% in the 2nd quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock valued at $39,000 after purchasing an additional 2,670 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in Leggett & Platt in the 3rd quarter valued at approximately $41,000. 64.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on LEG shares. Truist Financial raised their price objective on Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 5th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group dropped their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Performance

Leggett & Platt stock opened at $12.25 on Friday. Leggett & Platt, Incorporated has a fifty-two week low of $10.11 and a fifty-two week high of $27.58. The stock has a fifty day moving average of $12.80 and a two-hundred day moving average of $13.03. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.88 and a current ratio of 1.53. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -10.56 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.29. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. On average, analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend was Friday, September 13th. Leggett & Platt’s payout ratio is currently -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.