ProShare Advisors LLC Raises Position in Leggett & Platt, Incorporated (NYSE:LEG)

ProShare Advisors LLC grew its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 1.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,284,654 shares of the company’s stock after purchasing an additional 12,502 shares during the period. ProShare Advisors LLC owned approximately 0.96% of Leggett & Platt worth $24,601,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LEG. Dimensional Fund Advisors LP increased its position in shares of Leggett & Platt by 12.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,373,959 shares of the company’s stock valued at $62,127,000 after acquiring an additional 262,145 shares during the period. Beacon Pointe Advisors LLC grew its position in Leggett & Platt by 72.7% during the 4th quarter. Beacon Pointe Advisors LLC now owns 33,078 shares of the company’s stock worth $866,000 after purchasing an additional 13,923 shares during the period. Private Advisor Group LLC grew its position in Leggett & Platt by 8.6% during the 4th quarter. Private Advisor Group LLC now owns 19,610 shares of the company’s stock worth $513,000 after purchasing an additional 1,551 shares during the period. Vanguard Group Inc. grew its position in Leggett & Platt by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,946,981 shares of the company’s stock worth $328,983,000 after purchasing an additional 117,499 shares during the period. Finally, South Dakota Investment Council grew its position in Leggett & Platt by 52.9% during the 4th quarter. South Dakota Investment Council now owns 145,846 shares of the company’s stock worth $3,817,000 after purchasing an additional 50,438 shares during the period. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Insiders Place Their Bets

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were acquired at an average cost of $13.39 per share, with a total value of $133,900.00. Following the purchase, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other Leggett & Platt news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average cost of $13.39 per share, for a total transaction of $133,900.00. Following the completion of the acquisition, the executive vice president now owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark A. Blinn acquired 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average price of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the acquisition, the director now directly owns 32,302 shares of the company’s stock, valued at approximately $346,923.48. The disclosure for this purchase can be found here. Insiders have acquired 65,635 shares of company stock valued at $773,447 in the last ninety days. 1.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Piper Sandler cut their price target on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Truist Financial dropped their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, June 27th. StockNews.com cut Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Saturday, July 6th. Finally, The Goldman Sachs Group decreased their price target 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. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat, Leggett & Platt has an average rating of “Hold” and an average price target of $12.00.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock opened at $12.87 on Thursday. Leggett & Platt, Incorporated has a twelve month low of $10.11 and a twelve month high of $30.69. The firm’s 50-day moving average price is $11.63 and its 200 day moving average price is $17.34. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37.

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

Leggett & Platt Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 14th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is -17.24%.

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.