BlackRock Inc. Acquires Shares of 22,646,782 Leggett & Platt, Incorporated $LEG

BlackRock Inc. acquired a new stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,646,782 shares of the company's stock, valued at approximately $265,194,000. BlackRock Inc. owned 16.58% of Leggett & Platt at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Leggett & Platt by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company's stock valued at $208,890,000 after acquiring an additional 282,940 shares during the period. Geode Capital Management LLC boosted its stake in Leggett & Platt by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company's stock worth $34,917,000 after purchasing an additional 183,218 shares during the period. Quantinno Capital Management LP boosted its stake in Leggett & Platt by 22.7% during the 1st quarter. Quantinno Capital Management LP now owns 3,023,884 shares of the company's stock worth $29,876,000 after purchasing an additional 559,868 shares during the period. Invenomic Capital Management LP grew its position in Leggett & Platt by 4.0% during the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company's stock worth $26,813,000 after purchasing an additional 93,213 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Leggett & Platt by 4.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,123,623 shares of the company's stock worth $23,360,000 after purchasing an additional 98,430 shares during the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Trading Down 1.7%

NYSE:LEG opened at $9.16 on Thursday. Leggett & Platt, Incorporated has a 1 year low of $8.34 and a 1 year high of $13.00. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.53 and a current ratio of 2.35. The stock has a fifty day moving average price of $10.54 and a two-hundred day moving average price of $10.61. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 5.87 and a beta of 0.73.

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

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were issued 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 payout ratio is currently 12.82%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on LEG shares. Truist Financial dropped their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research note on Friday, May 8th. Piper Sandler lowered their price target on Leggett & Platt from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, August 12th. Zacks Research raised Leggett & Platt from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 19th. Finally, Weiss Ratings cut Leggett & Platt from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, July 29th. One equities research 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 stock presently has an average rating of "Hold" and a consensus target price of $10.67.

About Leggett & Platt

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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