Bastion Asset Management Inc. Invests $2.68 Million in Leggett & Platt, Incorporated (NYSE:LEG)

Bastion Asset Management Inc. acquired a new stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 279,164 shares of the company's stock, valued at approximately $2,680,000. Leggett & Platt accounts for about 1.8% of Bastion Asset Management Inc.'s investment portfolio, making the stock its 24th biggest holding. Bastion Asset Management Inc. owned 0.21% of Leggett & Platt at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. SRS Capital Advisors Inc. increased its position in shares of Leggett & Platt by 555.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company's stock worth $30,000 after acquiring an additional 2,629 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Leggett & Platt during the 4th quarter worth about $50,000. KBC Group NV raised its position in Leggett & Platt by 74.5% in the 4th quarter. KBC Group NV now owns 7,028 shares of the company's stock valued at $67,000 after purchasing an additional 3,000 shares in the last quarter. Sterling Capital Management LLC boosted its stake in shares of Leggett & Platt by 17.1% in the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company's stock valued at $77,000 after buying an additional 1,163 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Leggett & Platt by 461.6% during the fourth quarter. Blue Trust Inc. now owns 9,688 shares of the company's stock worth $93,000 after buying an additional 7,963 shares in the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. The Goldman Sachs Group increased their price objective on shares of Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Truist Financial cut their price target on Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research note on Wednesday, January 29th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $9.00 price objective (down from $12.00) on shares of Leggett & Platt in a research report on Friday, April 11th.

Leggett & Platt Stock Up 1.3 %

Shares of NYSE LEG traded up $0.12 during mid-day trading on Friday, reaching $9.40. The company had a trading volume of 812,606 shares, compared to its average volume of 2,516,242. Leggett & Platt, Incorporated has a 52-week low of $6.48 and a 52-week high of $14.24. The stock has a market cap of $1.27 billion, a P/E ratio of -2.52 and a beta of 0.75. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70. The firm has a 50 day simple moving average of $7.95 and a two-hundred day simple moving average of $9.88.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the company posted $0.23 earnings per share. The business's quarterly revenue was down 6.8% compared to the same quarter last year. Sell-side analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, June 13th. Leggett & Platt's payout ratio is currently -5.35%.

About Leggett & Platt

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.