Canada Pension Plan Investment Board Acquires 630,000 Shares of Leggett & Platt, Incorporated $LEG

Key Points

• The Canada Pension Plan Investment Board significantly increased its stake in Leggett & Platt, acquiring a whopping 15,000.0% growth to own 634,200 shares, valued at $5 million.
• Several hedge funds, including Vanguard Group and Trexquant Investment LP, also expanded their positions in Leggett & Platt during the same quarter, with hedge funds collectively owning 64.23% of the company's stock.
• Leggett & Platt's latest quarterly earnings report showed a net margin of 3.36% and a quarterly revenue decrease of 6.3% year-over-year, while analysts have issued a consensus rating of "Reduce" for the stock.

Canada Pension Plan Investment Board raised its holdings in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 15,000.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 634,200 shares of the company's stock after purchasing an additional 630,000 shares during the period. Canada Pension Plan Investment Board owned about 0.47% of Leggett & Platt worth $5,017,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in LEG. Vanguard Group Inc. increased its holdings in shares of Leggett & Platt by 7.1% in the 1st quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company's stock valued at $131,177,000 after acquiring an additional 1,105,256 shares during the last quarter. Trexquant Investment LP boosted its stake in Leggett & Platt by 31.8% in the first quarter. Trexquant Investment LP now owns 1,551,964 shares of the company's stock valued at $12,276,000 after acquiring an additional 374,073 shares during the period. Invenomic Capital Management LP lifted its position in Leggett & Platt by 64.6% in the fourth quarter. Invenomic Capital Management LP now owns 1,517,156 shares of the company's stock worth $14,565,000 after purchasing an additional 595,684 shares during the period. Wellington Management Group LLP raised its stake in Leggett & Platt by 11.2% during the 1st quarter. Wellington Management Group LLP now owns 1,323,652 shares of the company's stock valued at $10,470,000 after purchasing an additional 133,394 shares during the period. Finally, Jane Street Group LLC boosted its holdings in Leggett & Platt by 36.3% in the first quarter. Jane Street Group LLC now owns 1,175,452 shares of the company's stock worth $9,298,000 after purchasing an additional 312,840 shares in the last quarter. Hedge funds and other institutional investors own 64.23% of the company's stock.

Leggett & Platt Stock Up 2.3%

Leggett & Platt stock traded up $0.24 during mid-day trading on Monday, hitting $10.25. The company had a trading volume of 1,211,437 shares, compared to its average volume of 2,414,647. Leggett & Platt, Incorporated has a 12 month low of $6.47 and a 12 month high of $14.23. The stock's 50 day moving average price is $9.56 and its two-hundred day moving average price is $8.90. The company has a current ratio of 2.17, a quick ratio of 1.36 and a debt-to-equity ratio of 2.09. The company has a market capitalization of $1.39 billion, a PE ratio of 9.94 and a beta of 0.70.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.29 by $0.01. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. Leggett & Platt had a return on equity of 19.42% and a net margin of 3.36%.Leggett & Platt's quarterly revenue was down 6.3% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. Leggett & Platt has set its FY 2025 guidance at 1.000-1.200 EPS. As a group, sell-side analysts anticipate that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a $0.05 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.20 annualized dividend and a yield of 2.0%. Leggett & Platt's dividend payout ratio is 19.42%.

Analyst Ratings Changes

A number of equities analysts have issued reports on LEG shares. Wall Street Zen cut shares of Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Zacks Research downgraded shares of Leggett & Platt from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $9.00 target price (down from $10.00) on shares of Leggett & Platt in a research note on Monday, August 4th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $9.67.

Leggett & Platt Company 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.