Intech Investment Management LLC Sells 153,940 Shares of Leggett & Platt, Incorporated $LEG

Intech Investment Management LLC decreased its stake in Leggett & Platt, Incorporated (NYSE:LEG) by 38.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,031 shares of the company’s stock after selling 153,940 shares during the period. Intech Investment Management LLC’s holdings in Leggett & Platt were worth $2,706,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Palisade Asset Management LLC bought a new position in Leggett & Platt in the third quarter valued at approximately $29,000. Hantz Financial Services Inc. increased its stake in shares of Leggett & Platt by 32.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after purchasing an additional 783 shares during the period. Advisory Services Network LLC bought a new position in shares of Leggett & Platt during the third quarter worth approximately $51,000. Kingdom Financial Group LLC. bought a new position in Leggett & Platt during the 4th quarter worth $66,000. Finally, Captrust Financial Advisors bought a new position in Leggett & Platt during the 2nd quarter worth $91,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Zacks Research downgraded Leggett & Platt from a “hold” rating to a “strong sell” rating in a report on Thursday, May 14th. Wall Street Zen downgraded Leggett & Platt from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th. Finally, Truist Financial reduced their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $11.33.

Leggett & Platt Trading Down 1.9%

NYSE LEG opened at $9.84 on Wednesday. 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, Incorporated has a twelve month low of $7.86 and a twelve month high of $13.00. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 6.11 and a beta of 0.74. The business’s fifty day moving average is $10.32 and its 200 day moving average is $10.91.

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

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, June 15th. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.42%.

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.