Advisors Asset Management Inc. Cuts Stock Holdings in Leggett & Platt, Incorporated $LEG

Advisors Asset Management Inc. reduced its position in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 35.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,565 shares of the company's stock after selling 85,357 shares during the period. Advisors Asset Management Inc. owned 0.11% of Leggett & Platt worth $1,207,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of LEG. Cubist Systematic Strategies LLC increased its stake in Leggett & Platt by 1,495.6% during the 1st quarter. Cubist Systematic Strategies LLC now owns 1,539,758 shares of the company's stock worth $12,179,000 after buying an additional 1,443,257 shares in the last quarter. Vanguard Group Inc. increased its stake in Leggett & Platt by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company's stock worth $131,177,000 after buying an additional 1,105,256 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Leggett & Platt by 15,000.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 634,200 shares of the company's stock worth $5,017,000 after buying an additional 630,000 shares in the last quarter. Seven Six Capital Management LLC purchased a new stake in Leggett & Platt during the 4th quarter worth approximately $5,627,000. Finally, Point72 Asset Management L.P. purchased a new stake in Leggett & Platt during the 4th quarter worth approximately $4,789,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in 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 restated a "neutral" rating and set a $9.00 target price (down from $10.00) on shares of Leggett & Platt in a report on Monday, August 4th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Leggett & Platt currently has a consensus rating of "Reduce" and a consensus price target of $9.67.

Leggett & Platt Trading Up 1.9%

LEG opened at $10.20 on Tuesday. Leggett & Platt, Incorporated has a one year low of $6.47 and a one year high of $14.23. The stock has a market capitalization of $1.38 billion, a PE ratio of 9.90 and a beta of 0.70. The business's 50 day moving average price is $9.59 and its 200 day moving average price is $8.90. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.36 and a current ratio of 2.17.

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

Leggett & Platt Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be issued a $0.05 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.20 dividend on an annualized basis and a yield of 2.0%. Leggett & Platt's dividend payout ratio is currently 19.42%.

Leggett & Platt Company Profile

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.

Want to see what other hedge funds are holding LEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Leggett & Platt, Incorporated (NYSE:LEG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.