Bank of New York Mellon Corp Acquires New Stake in Leggett & Platt, Incorporated $LEG

Key Points

• Bank of New York Mellon acquired 1.32 million shares of Leggett & Platt during the second quarter, valued at approximately $15.5 million and representing about 0.97% of the company. Institutional investors collectively own 64.23% of LEG.
• Leggett & Platt reported quarterly earnings of $0.39 per share, beating estimates of $0.26, while revenue reached $999.7 million. Revenue nonetheless declined 5.5% year over year.
• The stock opened at $9.20, below the analyst consensus target of $10.67; most analysts maintain a “Hold” rating. The company also declared a quarterly dividend of $0.05 per share, equivalent to a 2.2% annualized yield.

Bank of New York Mellon Corp acquired a new stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,324,554 shares of the company's stock, valued at approximately $15,511,000. Bank of New York Mellon Corp owned about 0.97% of Leggett & Platt as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of LEG. Tactive Advisors LLC purchased a new stake in shares of Leggett & Platt during the second quarter valued at $389,000. Elevation Wealth Partners LLC grew its holdings in shares of Leggett & Platt by 752.8% in the second quarter. Elevation Wealth Partners LLC now owns 2,311 shares of the company's stock worth $27,000 after purchasing an additional 2,040 shares during the last quarter. 55 North Private Wealth LLC purchased a new position in Leggett & Platt in the 2nd quarter worth about $125,000. GAMMA Investing LLC increased its stake in Leggett & Platt by 18.3% in the 2nd quarter. GAMMA Investing LLC now owns 6,800 shares of the company's stock worth $80,000 after buying an additional 1,051 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in Leggett & Platt by 156.3% during the 2nd quarter. Versant Capital Management Inc now owns 13,196 shares of the company's stock valued at $155,000 after buying an additional 8,047 shares in the last quarter. Hedge funds and other institutional investors own 64.23% of the company's stock.

Leggett & Platt Stock Performance

Shares of NYSE:LEG opened at $9.20 on Tuesday. The company has a market capitalization of $1.26 billion, a PE ratio of 5.90 and a beta of 0.73. The company has a current ratio of 2.35, a quick ratio of 1.53 and a debt-to-equity ratio of 1.38. Leggett & Platt, Incorporated has a 12-month low of $8.34 and a 12-month high of $13.00. The business's fifty day simple moving average is $10.44 and its 200-day simple moving average is $10.53.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.13. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.The firm had revenue of $999.70 million during the quarter, compared to analysts' expectations of $982.86 million. During the same period in the prior year, the business posted $0.30 EPS. The firm's quarterly revenue was down 5.5% on a year-over-year basis. As a group, equities research analysts predict that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.20 dividend on an annualized basis and a yield of 2.2%. Leggett & Platt's dividend payout ratio is presently 12.82%.

Analyst Upgrades and Downgrades

LEG has been the subject of a number of research reports. Truist Financial lowered their price target on Leggett & Platt from $13.00 to $11.00 and set a "hold" rating for the company in a report on Friday, May 8th. Piper Sandler reduced their price objective on Leggett & Platt from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, August 12th. Weiss Ratings lowered Leggett & Platt from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, July 29th. Finally, Zacks Research raised Leggett & Platt from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $10.67.

Leggett & Platt Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company's offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company's core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.

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