Connor Clark & Lunn Investment Management Ltd. Buys 71,179 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Leggett & Platt by 13.2% during the first quarter, acquiring an additional 71,179 shares for a total of 611,682 shares valued at approximately $4.84 million.
• Leggett & Platt reported a net revenue of $1.06 billion in its latest quarterly earnings, with an earnings per share (EPS) of $0.30, surpassing analysts' expectations.
• The company declared a quarterly dividend of $0.05 per share, scheduled for payment on October 15th, yielding approximately 2.2%.

Connor Clark & Lunn Investment Management Ltd. lifted its position in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 13.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 611,682 shares of the company's stock after acquiring an additional 71,179 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.45% of Leggett & Platt worth $4,838,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in LEG. Cerity Partners LLC grew its stake in shares of Leggett & Platt by 24.8% in the 4th quarter. Cerity Partners LLC now owns 104,092 shares of the company's stock worth $999,000 after acquiring an additional 20,690 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Leggett & Platt by 6.5% in the 4th quarter. Invesco Ltd. now owns 803,440 shares of the company's stock worth $7,713,000 after buying an additional 48,925 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Leggett & Platt in the 4th quarter worth about $575,000. Sterling Capital Management LLC boosted its holdings in shares of Leggett & Platt by 17.1% in the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company's stock worth $77,000 after buying an additional 1,163 shares during the last quarter. Finally, Synovus Financial Corp boosted its holdings in shares of Leggett & Platt by 49.6% in the 4th quarter. Synovus Financial Corp now owns 47,407 shares of the company's stock worth $455,000 after buying an additional 15,713 shares during the last quarter. Institutional investors own 64.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Piper Sandler reissued a "neutral" rating and issued a $9.00 price target (down from $10.00) on shares of Leggett & Platt in a report on Monday, August 4th. The Goldman Sachs Group boosted their price target on shares of Leggett & Platt from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. Finally, Wall Street Zen downgraded shares of Leggett & Platt from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd.

Leggett & Platt Stock Performance

NYSE LEG traded down $0.05 during trading on Friday, hitting $9.35. 1,307,539 shares of the company's stock traded hands, compared to its average volume of 1,914,927. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 9.08 and a beta of 0.70. Leggett & Platt, Incorporated has a 12-month low of $6.47 and a 12-month high of $14.23. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.36 and a current ratio of 2.17. The business has a 50 day moving average of $9.48 and a 200-day moving average of $8.97.

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, beating the consensus estimate of $0.29 by $0.01. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. Leggett & Platt had a net margin of 3.36% and a return on equity of 19.42%. The company's revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 earnings per share. As a group, equities research 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 declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, September 15th. Leggett & Platt's dividend payout ratio is presently 19.42%.

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.