Ieq Capital LLC Acquires New Shares in Leggett & Platt, Incorporated $LEG

Ieq Capital LLC acquired a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 356,964 shares of the company’s stock, valued at approximately $4,180,000. Ieq Capital LLC owned about 0.26% of Leggett & Platt as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Allworth Financial LP bought a new position in Leggett & Platt in the second quarter valued at about $259,000. BlackRock Inc. bought a new stake in shares of Leggett & Platt during the second quarter worth about $265,194,000. Deutsche Bank AG acquired a new position in shares of Leggett & Platt in the second quarter valued at approximately $2,812,000. IMC Chicago LLC acquired a new position in shares of Leggett & Platt in the second quarter valued at approximately $419,000. Finally, Alberta Investment Management Corp bought a new position in Leggett & Platt in the 2nd quarter valued at approximately $2,678,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Price Performance

Leggett & Platt stock opened at $9.40 on Tuesday. The stock’s 50 day moving average is $10.60 and its 200 day moving average is $10.66. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.35 and a quick ratio of 1.53. The firm has a market cap of $1.28 billion, a P/E ratio of 6.03 and a beta of 0.73. Leggett & Platt, Incorporated has a one year low of $8.34 and a one year high of $13.00.

Leggett & Platt (NYSE:LEG) last released its earnings results on Thursday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.13. Leggett & Platt had a net margin of 5.64% and a return on equity of 13.31%. The business had revenue of $999.70 million during the quarter, compared to the consensus estimate of $982.86 million. During the same quarter in the prior year, the firm posted $0.30 EPS. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. As a group, research analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Monday, August 10th. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.82%.

Analyst Upgrades and Downgrades

Several research firms recently commented on LEG. Zacks Research upgraded shares of Leggett & Platt from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 19th. Truist Financial dropped their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Weiss Ratings lowered shares of Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Finally, Piper Sandler decreased their price objective on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $10.67.

About Leggett & Platt

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.