Pallas Capital Advisors LLC Makes New Investment in Leggett & Platt, Incorporated (NYSE:LEG)

Pallas Capital Advisors LLC acquired a new stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 10,298 shares of the company’s stock, valued at approximately $99,000.

Other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of Leggett & Platt by 76.3% in the third 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 during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Leggett & Platt in the 3rd quarter worth $29,000. Point72 Hong Kong Ltd bought a new position in Leggett & Platt in the 3rd quarter worth $37,000. nVerses Capital LLC acquired a new position in Leggett & Platt during the 3rd quarter worth $41,000. Finally, Brooklyn Investment Group bought a new stake in Leggett & Platt during the third quarter valued at about $44,000. 64.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on LEG shares. The Goldman Sachs Group cut their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday. Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $12.67.

Leggett & Platt Stock Performance

NYSE:LEG opened at $10.72 on Thursday. The firm’s 50-day moving average is $11.03 and its 200-day moving average is $12.02. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -1.78 and a beta of 1.11. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.84 and a current ratio of 1.48. Leggett & Platt, Incorporated has a 52-week low of $9.18 and a 52-week high of $25.29.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The company’s revenue was down 6.3% on a year-over-year basis. Equities research analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.87%. Leggett & Platt’s dividend payout ratio is currently -3.33%.

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.