Wedmont Private Capital Acquires New Position in Leggett & Platt, Incorporated (NYSE:LEG)

Wedmont Private Capital acquired a new stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 62,540 shares of the company’s stock, valued at approximately $770,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CVA Family Office LLC bought a new stake in shares of Leggett & Platt in the 2nd quarter valued at about $36,000. Abich Financial Wealth Management LLC grew its position in Leggett & Platt by 93.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after purchasing an additional 931 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Leggett & Platt during the 4th quarter worth approximately $40,000. ORG Partners LLC purchased a new stake in Leggett & Platt during the 4th quarter worth approximately $49,000. Finally, Quadrant Capital Group LLC grew its position in Leggett & Platt by 56.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock worth $56,000 after purchasing an additional 766 shares during the last quarter. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

Shares of LEG stock traded up $0.40 during trading hours on Tuesday, hitting $12.42. The company’s stock had a trading volume of 681,534 shares, compared to its average volume of 2,579,733. The company has a 50 day moving average of $12.04 and a 200 day moving average of $15.77. The stock has a market cap of $1.66 billion, a PE ratio of -10.56 and a beta of 1.08. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. Leggett & Platt, Incorporated has a 12-month low of $10.11 and a 12-month high of $28.80.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, September 13th. Leggett & Platt’s dividend payout ratio (DPR) is currently -17.24%.

Analyst Ratings Changes

Several analysts have weighed in on LEG shares. The Goldman Sachs Group dropped their target price on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Piper Sandler dropped their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Saturday, July 6th. Finally, Truist Financial boosted their target price on shares of Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat, Leggett & Platt has an average rating of “Hold” and a consensus price target of $12.67.

Insider Activity

In other news, CEO Karl G. Glassman bought 23,800 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was purchased at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the purchase, the chief executive officer now directly owns 1,151,891 shares in the company, valued at approximately $13,223,708.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Karl G. Glassman bought 23,800 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was purchased at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the purchase, the chief executive officer now directly owns 1,151,891 shares in the company, valued at approximately $13,223,708.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark A. Blinn acquired 6,000 shares of Leggett & Platt stock in a transaction on Thursday, May 23rd. The shares were bought at an average price of $10.74 per share, with a total value of $64,440.00. Following the completion of the transaction, 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 55,635 shares of company stock valued at $639,547 in the last ninety days. Insiders own 1.57% of the company’s stock.

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.