AlphaQuest LLC Acquires 41,996 Shares of Leggett & Platt, Incorporated $LEG

Key Points

• AlphaQuest LLC significantly increased its stake in Leggett & Platt, acquiring an additional 41,996 shares, resulting in a total of 68,848 shares owned.
• Leggett & Platt reported a quarterly EPS of $0.30, surpassing analysts' expectations, despite a 6.3% revenue decline compared to the same period last year.
• The company announced a quarterly dividend of $0.05, which will be paid on October 15th, resulting in an annualized dividend yield of 2.1%.

AlphaQuest LLC boosted its holdings in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 156.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,848 shares of the company's stock after acquiring an additional 41,996 shares during the quarter. AlphaQuest LLC owned 0.05% of Leggett & Platt worth $545,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in LEG. Banco Bilbao Vizcaya Argentaria S.A. bought a new position in Leggett & Platt in the 1st quarter worth about $102,000. Janney Montgomery Scott LLC bought a new position in Leggett & Platt in the 1st quarter worth about $107,000. Coldstream Capital Management Inc. bought a new position in Leggett & Platt in the 4th quarter worth about $111,000. Blueshift Asset Management LLC bought a new position in Leggett & Platt in the 1st quarter worth about $128,000. Finally, Captrust Financial Advisors increased its stake in Leggett & Platt by 27.5% in the 4th quarter. Captrust Financial Advisors now owns 13,521 shares of the company's stock worth $130,000 after acquiring an additional 2,915 shares during the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Price Performance

LEG stock opened at $9.66 on Tuesday. 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, Incorporated has a 52 week low of $6.47 and a 52 week high of $14.23. The firm's fifty day moving average is $9.48 and its 200 day moving average is $8.92. The firm has a market cap of $1.31 billion, a P/E ratio of 9.38 and a beta of 0.70.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.29 by $0.01. Leggett & Platt had a net margin of 3.36% and a return on equity of 19.42%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the firm earned $0.29 EPS. The firm's quarterly revenue was down 6.3% compared to the same quarter last year. Leggett & Platt has set its FY 2025 guidance at 1.000-1.200 EPS. Research 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 announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders 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 annualized dividend and a dividend yield of 2.1%. Leggett & Platt's dividend payout ratio (DPR) is currently 19.42%.

Analysts Set New Price Targets

A number of research analysts recently commented on LEG shares. Zacks Research cut Leggett & Platt from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. The Goldman Sachs Group increased their target price on Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a research note on Wednesday, April 30th. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Piper Sandler reissued a "neutral" rating and issued 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 assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus 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.

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.