Invenomic Capital Management LP Buys 595,684 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Invenomic Capital Management LP raised its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 64.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,517,156 shares of the company’s stock after purchasing an additional 595,684 shares during the period. Invenomic Capital Management LP’s holdings in Leggett & Platt were worth $14,565,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Counterpoint Mutual Funds LLC bought a new position in shares of Leggett & Platt during the 4th quarter worth $666,000. Vanguard Group Inc. boosted its position in Leggett & Platt by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company’s stock worth $148,593,000 after purchasing an additional 722,024 shares during the period. American Century Companies Inc. boosted its position in Leggett & Platt by 50.3% during the fourth quarter. American Century Companies Inc. now owns 138,972 shares of the company’s stock worth $1,334,000 after purchasing an additional 46,499 shares during the period. Trexquant Investment LP increased its stake in shares of Leggett & Platt by 89.0% in the fourth quarter. Trexquant Investment LP now owns 1,177,891 shares of the company’s stock worth $11,308,000 after purchasing an additional 554,814 shares in the last quarter. Finally, Amundi raised its position in shares of Leggett & Platt by 90.3% in the fourth quarter. Amundi now owns 82,890 shares of the company’s stock valued at $814,000 after purchasing an additional 39,324 shares during the period. 64.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on LEG shares. Truist Financial reduced their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, January 29th. The Goldman Sachs Group raised their target price on Leggett & Platt from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 30th. Finally, Piper Sandler reiterated a “neutral” rating and set a $9.00 price target (down from $12.00) on shares of Leggett & Platt in a research report on Friday, April 11th.

Leggett & Platt Price Performance

Shares of NYSE LEG opened at $9.43 on Friday. The stock’s 50-day simple moving average is $7.97 and its two-hundred day simple moving average is $9.84. Leggett & Platt, Incorporated has a twelve month low of $6.48 and a twelve month high of $14.24. The firm has a market capitalization of $1.27 billion, a P/E ratio of -2.53 and a beta of 0.75. The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Monday, April 28th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the prior year, the business earned $0.23 earnings per share. Leggett & Platt’s revenue for the quarter was down 6.8% compared to the same quarter last year. As a group, equities analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, June 13th. Leggett & Platt’s dividend payout ratio (DPR) is currently -5.35%.

Leggett & Platt Company Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.