Invenomic Capital Management LP Acquires 93,213 Shares of Leggett & Platt, Incorporated $LEG

Invenomic Capital Management LP lifted its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 4.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,437,519 shares of the company’s stock after buying an additional 93,213 shares during the quarter. Leggett & Platt comprises 1.2% of Invenomic Capital Management LP’s portfolio, making the stock its 21st biggest holding. Invenomic Capital Management LP’s holdings in Leggett & Platt were worth $26,813,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Royal Bank of Canada raised its holdings in Leggett & Platt by 59.5% during the 1st quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock worth $372,000 after purchasing an additional 17,561 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Leggett & Platt by 8.4% during the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock worth $116,000 after purchasing an additional 1,132 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Leggett & Platt by 3.0% during 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 worth $3,592,000 after purchasing an additional 13,187 shares during the last quarter. Jane Street Group LLC raised its holdings in Leggett & Platt by 36.3% during the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock worth $9,298,000 after purchasing an additional 312,840 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings 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 during the last quarter. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $10.77 on Thursday. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45. The stock has a market cap of $1.47 billion, a PE ratio of 6.69 and a beta of 0.74. The stock has a 50-day moving average of $10.45 and a 200-day moving average of $11.00. Leggett & Platt, Incorporated has a one year low of $7.86 and a one year high of $13.00.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). The company had revenue of $918.20 million during the quarter, compared to the consensus estimate of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The business’s revenue was down 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. As a group, sell-side analysts expect that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.9%. Leggett & Platt’s dividend payout ratio is 12.42%.

Analyst Ratings Changes

Several analysts have weighed in on LEG shares. Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th. Truist Financial dropped their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Friday, May 8th. Zacks Research cut Leggett & Platt from a “hold” rating to a “strong sell” rating in a report on Thursday, May 14th. Finally, Wall Street Zen cut Leggett & Platt from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $11.33.

Leggett & Platt Company 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.