Jacobs Levy Equity Management Inc. Buys Shares of 131,268 Leggett & Platt, Incorporated $LEG

Key Points

• Jacobs Levy Equity Management Inc. acquired 131,268 shares of Leggett & Platt for approximately $1,038,000, giving it a 0.10% ownership stake by the end of the most recent quarter.
• Analysts have recently downgraded Leggett & Platt's stock rating, with Zacks Research labeling it a "strong sell" and setting a consensus target price of $9.67.
• The company announced a quarterly dividend of $0.05 per share, representing an annualized yield of 2.0%, with the payment date set for October 15th.

Jacobs Levy Equity Management Inc. acquired a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 131,268 shares of the company's stock, valued at approximately $1,038,000. Jacobs Levy Equity Management Inc. owned approximately 0.10% of Leggett & Platt at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in Leggett & Platt in the 1st quarter valued at about $89,000. Banco Bilbao Vizcaya Argentaria S.A. purchased a new stake in Leggett & Platt in the 1st quarter valued at about $102,000. Captrust Financial Advisors grew its holdings in Leggett & Platt by 27.5% in the 4th quarter. Captrust Financial Advisors now owns 13,521 shares of the company's stock valued at $130,000 after buying an additional 2,915 shares during the period. Janney Montgomery Scott LLC purchased a new stake in Leggett & Platt in the 1st quarter valued at about $107,000. Finally, Blueshift Asset Management LLC purchased a new stake in Leggett & Platt in the 1st quarter valued at about $128,000. Hedge funds and other institutional investors own 64.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on LEG shares. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Zacks Research cut Leggett & Platt from a "hold" rating to a "strong sell" rating in a report on Monday, August 18th. Finally, Piper Sandler reiterated a "neutral" rating and set a $9.00 target price (down previously from $10.00) on shares of Leggett & Platt in a report on Monday, August 4th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Leggett & Platt has a consensus rating of "Reduce" and a consensus target price of $9.67.

Leggett & Platt Stock Down 2.5%

NYSE LEG traded down $0.24 on Wednesday, reaching $9.28. The company had a trading volume of 1,800,546 shares, compared to its average volume of 1,691,818. The firm has a market capitalization of $1.26 billion, a PE ratio of 9.01 and a beta of 0.70. Leggett & Platt, Incorporated has a 1 year low of $6.47 and a 1 year high of $14.23. The firm has a 50-day moving average of $9.58 and a 200-day moving average of $8.92. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.17 and a quick ratio of 1.36.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.01. The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.06 billion. Leggett & Platt had a return on equity of 19.42% and a net margin of 3.36%.Leggett & Platt's quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 EPS. Leggett & Platt has set its FY 2025 guidance at 1.000-1.200 EPS. On average, equities research analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Monday, September 15th. Leggett & Platt's dividend payout ratio is currently 19.42%.

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.