Leggett & Platt, Incorporated (NYSE:LEG) Stock Position Lowered by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its position in Leggett & Platt, Incorporated (NYSE:LEG) by 2.7% in the 3rd quarter, Holdings Channel reports. The fund owned 76,563 shares of the company’s stock after selling 2,131 shares during the period. State of Alaska Department of Revenue’s holdings in Leggett & Platt were worth $1,042,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in LEG. State Board of Administration of Florida Retirement System increased its stake in Leggett & Platt by 6.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 149,692 shares of the company’s stock valued at $2,867,000 after buying an additional 9,254 shares during the period. Wedmont Private Capital acquired a new position in Leggett & Platt in the 2nd quarter valued at approximately $770,000. Seven Eight Capital LP acquired a new position in Leggett & Platt in the 2nd quarter valued at approximately $1,948,000. Sequoia Financial Advisors LLC acquired a new position in Leggett & Platt in the 2nd quarter valued at approximately $119,000. Finally, Maryland State Retirement & Pension System increased its stake in Leggett & Platt by 446.8% in the 2nd quarter. Maryland State Retirement & Pension System now owns 57,193 shares of the company’s stock valued at $655,000 after buying an additional 46,733 shares during the period. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

Shares of LEG opened at $12.28 on Tuesday. The company’s fifty day moving average is $12.78 and its 200-day moving average is $12.71. Leggett & Platt, Incorporated has a 12 month low of $10.11 and a 12 month high of $27.58. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -2.00 and a beta of 1.07. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 2.13.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the business posted $0.36 earnings per share. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. Equities analysts expect that Leggett & Platt, Incorporated will post 1.04 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were paid a $0.05 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.63%. Leggett & Platt’s payout ratio is presently -3.33%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LEG shares. The Goldman Sachs Group dropped their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Piper Sandler upgraded shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Truist Financial increased their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Four research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt 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.