Bank of New York Mellon Corp Reduces Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Bank of New York Mellon Corp decreased its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 7.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 872,141 shares of the company's stock after selling 74,701 shares during the period. Bank of New York Mellon Corp owned approximately 0.65% of Leggett & Platt worth $6,899,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in LEG. Vanguard Group Inc. lifted its stake in Leggett & Platt by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company's stock worth $148,593,000 after purchasing an additional 722,024 shares during the last quarter. American Century Companies Inc. lifted its stake in Leggett & Platt by 50.3% during the fourth quarter. American Century Companies Inc. now owns 138,972 shares of the company's stock worth $1,334,000 after purchasing an additional 46,499 shares during the last quarter. Trexquant Investment LP lifted its stake in Leggett & Platt by 89.0% during the fourth quarter. Trexquant Investment LP now owns 1,177,891 shares of the company's stock worth $11,308,000 after purchasing an additional 554,814 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Leggett & Platt during the fourth quarter worth about $575,000. Finally, Aster Capital Management DIFC Ltd lifted its stake in Leggett & Platt by 1,163.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 49,836 shares of the company's stock worth $478,000 after purchasing an additional 45,893 shares during the last quarter. Institutional investors own 64.23% of the company's stock.

Analyst Ratings Changes

LEG has been the subject of a number of recent research reports. Piper Sandler reissued a "neutral" rating and issued a $9.00 target price (down previously from $12.00) on shares of Leggett & Platt in a research note on Friday, April 11th. The Goldman Sachs Group boosted 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. Finally, Wall Street Zen raised Leggett & Platt from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th.

Leggett & Platt Stock Performance

Shares of LEG traded up $0.09 during trading hours on Friday, reaching $10.34. 1,250,682 shares of the company traded hands, compared to its average volume of 3,047,172. The stock has a market capitalization of $1.40 billion, a P/E ratio of -2.76 and a beta of 0.74. The company has a quick ratio of 1.36, a current ratio of 2.20 and a debt-to-equity ratio of 2.59. Leggett & Platt, Incorporated has a 12-month low of $6.47 and a 12-month high of $14.23. The business has a fifty day moving average price of $9.45 and a 200-day moving average price of $9.12.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. Leggett & Platt had a negative net margin of 11.89% and a positive return on equity of 20.46%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the company earned $0.23 earnings per share. The firm's revenue was down 6.8% on a year-over-year basis. Equities analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 13th were given a dividend of $0.05 per share. The ex-dividend date was Friday, June 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.94%. Leggett & Platt's dividend payout ratio (DPR) is presently -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.