Bank of America Corp DE Reduces Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Bank of America Corp DE trimmed its holdings in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 54.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 174,470 shares of the company's stock after selling 207,203 shares during the period. Bank of America Corp DE owned 0.13% of Leggett & Platt worth $1,675,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc lifted its position in shares of Leggett & Platt by 7.7% in the fourth quarter. CIBC Asset Management Inc now owns 13,986 shares of the company's stock valued at $134,000 after acquiring an additional 1,001 shares in the last quarter. Sterling Capital Management LLC raised its stake in Leggett & Platt by 17.1% in the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company's stock valued at $77,000 after purchasing an additional 1,163 shares during the last quarter. Swiss National Bank raised its stake in Leggett & Platt by 0.8% in the 4th quarter. Swiss National Bank now owns 263,900 shares of the company's stock valued at $2,533,000 after purchasing an additional 2,100 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in Leggett & Platt by 555.8% in the 4th quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company's stock valued at $30,000 after purchasing an additional 2,629 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of Leggett & Platt by 74.5% during the 4th quarter. KBC Group NV now owns 7,028 shares of the company's stock worth $67,000 after purchasing an additional 3,000 shares during the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LEG has been the subject of a number of analyst reports. Piper Sandler reissued a "neutral" rating and issued a $9.00 price objective (down previously from $12.00) on shares of Leggett & Platt in a research report on Friday, April 11th. The Goldman Sachs Group lifted their target price on shares of Leggett & Platt from $8.00 to $9.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th.

Leggett & Platt Trading Down 0.1%

NYSE LEG traded down $0.01 during mid-day trading on Friday, hitting $9.11. The company's stock had a trading volume of 1,122,030 shares, compared to its average volume of 2,387,038. The firm has a market capitalization of $1.23 billion, a P/E ratio of -2.44 and a beta of 0.75. The company has a debt-to-equity ratio of 2.70, a current ratio of 2.00 and a quick ratio of 1.14. Leggett & Platt, Incorporated has a 52-week low of $6.48 and a 52-week high of $14.24. The stock's fifty day simple moving average is $8.31 and its two-hundred day simple moving average is $9.46.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its earnings results on Monday, April 28th. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the firm posted $0.23 EPS. The business's revenue for the quarter was down 6.8% compared to the same quarter last year. Research analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, June 13th. Leggett & Platt's payout ratio is -5.35%.

Leggett & Platt 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.