Corient Private Wealth LP Makes New Investment in Leggett & Platt, Incorporated $LEG

Key Points

• Corient Private Wealth LP acquired 764,075 shares of Leggett & Platt worth approximately $8.95 million, representing about 0.56% of the company. Institutional investors collectively own 64.23% of outstanding shares.
• Analyst sentiment remains cautious, with one Strong Buy and four Hold ratings; the consensus price target is $10.67, compared with the stock’s recent opening price of $9.20.
• Leggett & Platt exceeded quarterly earnings expectations with $0.39 in EPS versus $0.26 forecast, although revenue fell 5.5% year over year. The company also paid a quarterly dividend of $0.05, equal to a 2.2% annualized yield.

Corient Private Wealth LP purchased a new position in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 764,075 shares of the company's stock, valued at approximately $8,948,000. Corient Private Wealth LP owned about 0.56% of Leggett & Platt at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in LEG. Elevation Wealth Partners LLC increased its stake in shares of Leggett & Platt by 752.8% during the second quarter. Elevation Wealth Partners LLC now owns 2,311 shares of the company's stock valued at $27,000 after buying an additional 2,040 shares during the period. Palisade Asset Management LLC bought a new stake in shares of Leggett & Platt in the third quarter valued at about $29,000. Motiv8 Investments LLC purchased a new stake in Leggett & Platt in the fourth quarter worth about $34,000. Hantz Financial Services Inc. lifted its stake in Leggett & Platt by 32.0% in the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company's stock worth $36,000 after acquiring an additional 783 shares during the period. Finally, Advisory Services Network LLC bought a new position in Leggett & Platt during the 3rd quarter worth about $51,000. Hedge funds and other institutional investors own 64.23% of the company's stock.

Wall Street Analyst Weigh In

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

Leggett & Platt Price Performance

Shares of NYSE LEG opened at $9.20 on Monday. 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 company has a market cap of $1.26 billion, a PE ratio of 5.90 and a beta of 0.73. The business has a 50-day simple moving average of $10.47 and a two-hundred day simple moving average of $10.56. Leggett & Platt, Incorporated has a fifty-two week low of $8.34 and a fifty-two week high of $13.00.

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

Leggett & Platt Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were issued a $0.05 dividend. 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 presently 12.82%.

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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