A&I Financial Services LLC Invests $547,000 in Leggett & Platt, Incorporated $LEG

Key Points

• A&I Financial Services LLC made a new investment in Leggett & Platt, acquiring 61,302 shares valued at approximately $547,000.
• Several institutional investors, including Millennium Management LLC and Canada Pension Plan Investment Board, significantly increased their holdings in Leggett & Platt during the first quarter.
• The average target price for Leggett & Platt shares has been lowered to $9.67 by analysts, with Piper Sandler issuing a "neutral" rating and Zacks Research downgraded it to "strong sell."

A&I Financial Services LLC purchased a new stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 61,302 shares of the company's stock, valued at approximately $547,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. SeaCrest Wealth Management LLC bought a new stake in shares of Leggett & Platt in the second quarter worth $89,000. Harbor Capital Advisors Inc. raised its holdings in Leggett & Platt by 46.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 39,245 shares of the company's stock valued at $350,000 after acquiring an additional 12,478 shares during the period. Parallel Advisors LLC increased its stake in shares of Leggett & Platt by 385.3% during the second quarter. Parallel Advisors LLC now owns 11,229 shares of the company's stock worth $100,000 after purchasing an additional 8,915 shares during the period. Acadian Asset Management LLC increased its stake in shares of Leggett & Platt by 113.5% during the first quarter. Acadian Asset Management LLC now owns 109,638 shares of the company's stock worth $866,000 after purchasing an additional 58,292 shares during the period. Finally, Jane Street Group LLC increased its position in Leggett & Platt by 36.3% during the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company's stock worth $9,298,000 after buying an additional 312,840 shares during the period. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Trading Down 2.7%

Shares of Leggett & Platt stock traded down $0.26 on Friday, hitting $9.38. 2,965,921 shares of the company's stock traded hands, compared to its average volume of 1,810,994. Leggett & Platt, Incorporated has a one year low of $6.47 and a one year high of $14.23. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.17 and a quick ratio of 1.36. The company has a fifty day moving average of $9.55 and a two-hundred day moving average of $8.94. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 9.11 and a beta of 0.70.

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

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, September 15th. This represents a $0.20 annualized dividend and a yield of 2.1%. Leggett & Platt's dividend payout ratio (DPR) is 19.42%.

Analyst Ratings Changes

A number of brokerages recently commented on LEG. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Piper Sandler reissued a "neutral" rating and issued a $9.00 price objective (down from $10.00) on shares of Leggett & Platt in a research note on Monday, August 4th. Finally, Zacks Research lowered Leggett & Platt from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $9.67.

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.