New York State Teachers Retirement System Has $741,000 Stake in Leggett & Platt, Incorporated $LEG

New York State Teachers Retirement System reduced its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 51.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 74,956 shares of the company’s stock after selling 80,546 shares during the quarter. New York State Teachers Retirement System owned approximately 0.05% of Leggett & Platt worth $741,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Leggett & Platt by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock valued at $208,890,000 after purchasing an additional 282,940 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Leggett & Platt by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company’s stock valued at $34,917,000 after purchasing an additional 183,218 shares during the last quarter. Invenomic Capital Management LP increased its holdings in shares of Leggett & Platt by 4.0% in the fourth quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock valued at $26,813,000 after purchasing an additional 93,213 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Leggett & Platt by 4.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,123,623 shares of the company’s stock valued at $23,360,000 after purchasing an additional 98,430 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Leggett & Platt by 1.3% in the fourth quarter. Wellington Management Group LLP now owns 2,102,190 shares of the company’s stock valued at $23,124,000 after purchasing an additional 27,273 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Stock Performance

NYSE LEG opened at $10.69 on Tuesday. The firm has a 50-day moving average price of $10.55 and a two-hundred day moving average price of $11.01. Leggett & Platt, Incorporated has a 12-month low of $7.86 and a 12-month high of $13.00. The company has a market capitalization of $1.46 billion, a P/E ratio of 6.64 and a beta of 0.71. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). The business had revenue of $918.20 million during the quarter, compared to analyst estimates of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Analysts anticipate that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current year.

Leggett & Platt Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently commented on LEG shares. Truist Financial reduced their target price on shares of 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 downgraded shares of Leggett & Platt from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 14th. Finally, Weiss Ratings upgraded Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price 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.