Jacobs Levy Equity Management Inc. Invests $1.04 Million in 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. purchased a new position in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 131,268 shares of the company's stock, valued at approximately $1,038,000. Jacobs Levy Equity Management Inc. owned 0.10% of Leggett & Platt as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Leggett & Platt by 16.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 57,580 shares of the company's stock valued at $455,000 after acquiring an additional 8,260 shares in the last quarter. Trust Co. of Oklahoma purchased a new stake in shares of Leggett & Platt during the first quarter valued at $239,000. Hotchkis & Wiley Capital Management LLC boosted its position in Leggett & Platt by 70.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 986,990 shares of the company's stock worth $7,807,000 after purchasing an additional 408,210 shares during the last quarter. Vanguard Group Inc. boosted its position in Leggett & Platt by 7.1% in the first quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company's stock worth $131,177,000 after purchasing an additional 1,105,256 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its position in Leggett & Platt by 206.0% in the first quarter. GSA Capital Partners LLP now owns 114,110 shares of the company's stock worth $903,000 after purchasing an additional 76,820 shares during the last quarter. Institutional investors own 64.23% of the company's stock.

Analysts Set New Price Targets

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

Leggett & Platt Trading Down 2.2%

Shares of NYSE LEG traded down $0.21 during trading hours on Monday, hitting $9.40. 1,660,578 shares of the company traded hands, compared to its average volume of 2,413,930. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 9.13 and a beta of 0.70. The company has a current ratio of 2.17, a quick ratio of 1.36 and a debt-to-equity ratio of 2.09. The company's 50 day moving average price is $9.60 and its 200 day moving average price is $8.91. Leggett & Platt, Incorporated has a 12 month low of $6.47 and a 12 month high of $14.23.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.01. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. Leggett & Platt had a return on equity of 19.42% and a net margin of 3.36%.The company's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $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 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 2.1%. 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.