Wellington Management Group LLP Buys 283,548 Shares of Leggett & Platt, Incorporated $LEG

Wellington Management Group LLP increased its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 14.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,305,636 shares of the company’s stock after purchasing an additional 283,548 shares during the quarter. Wellington Management Group LLP owned approximately 1.69% of Leggett & Platt worth $26,999,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LEG. BlackRock Inc. bought a new position in Leggett & Platt in the 2nd quarter worth $265,194,000. Vanguard Group Inc. grew its holdings in Leggett & Platt by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock valued at $208,890,000 after buying an additional 282,940 shares during the last quarter. Geode Capital Management LLC grew its holdings in Leggett & Platt by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company’s stock valued at $34,917,000 after buying an additional 183,218 shares during the last quarter. Quantinno Capital Management LP increased its position in Leggett & Platt by 22.7% in the 1st quarter. Quantinno Capital Management LP now owns 3,023,884 shares of the company’s stock worth $29,876,000 after buying an additional 559,868 shares during the period. Finally, Invenomic Capital Management LP increased its position in Leggett & Platt by 4.0% in the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock worth $26,813,000 after buying an additional 93,213 shares during the period. Institutional investors and hedge funds own 64.23% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on LEG shares. Weiss Ratings cut Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Piper Sandler reduced their price target on shares of Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. Finally, Zacks Research raised shares of Leggett & Platt from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $10.67.

Leggett & Platt Price Performance

NYSE LEG opened at $9.20 on Friday. The stock’s 50 day simple moving average is $10.26 and its 200 day simple moving average is $10.47. Leggett & Platt, Incorporated has a one year low of $8.34 and a one year high of $13.00. The firm has a market cap of $1.26 billion, a PE ratio of 5.90 and a beta of 0.73. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.35 and a quick ratio of 1.53.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data 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 firm had revenue of $999.70 million during the quarter, compared to the consensus estimate of $982.86 million. During the same quarter in the previous year, the company posted $0.30 EPS. The business’s revenue for the quarter was down 5.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were given a dividend of $0.05 per share. The ex-dividend date was Monday, August 10th. This represents a $0.20 annualized dividend and a dividend yield of 2.2%. Leggett & Platt’s payout ratio is presently 12.82%.

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.