Deutsche Bank AG Acquires New Shares in Leggett & Platt, Incorporated $LEG

Deutsche Bank AG acquired a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 240,108 shares of the company’s stock, valued at approximately $2,812,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in shares of Leggett & Platt by 59.5% in the first quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock worth $372,000 after acquiring an additional 17,561 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Leggett & Platt by 8.4% during the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after purchasing an additional 1,132 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Leggett & Platt by 3.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock valued at $3,592,000 after purchasing an additional 13,187 shares during the period. Jane Street Group LLC grew its position in shares of Leggett & Platt by 36.3% in the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock valued at $9,298,000 after purchasing an additional 312,840 shares during the period. Finally, Acadian Asset Management LLC increased its stake in Leggett & Platt by 113.5% during the 1st quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock worth $866,000 after purchasing an additional 58,292 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Stock Down 0.4%

NYSE LEG opened at $9.16 on Friday. The company has a current ratio of 2.35, a quick ratio of 1.53 and a debt-to-equity ratio of 1.38. Leggett & Platt, Incorporated has a 1-year low of $8.34 and a 1-year high of $13.00. The company has a 50 day moving average of $10.50 and a 200-day moving average of $10.58. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 5.87 and a beta of 0.73.

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

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Monday, August 10th. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.82%.

Wall Street Analysts Forecast Growth

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

Leggett & Platt Profile

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.