Cubist Systematic Strategies LLC Raises Position in Leggett & Platt, Incorporated $LEG

Key Points

• Cubist Systematic Strategies LLC significantly increased its stake in Leggett & Platt by 1,495.6% in the first quarter, owning approximately 1.14% of the company worth $12.18 million.
• Analysts have downgraded Leggett & Platt, with Zacks Research lowering its rating from "hold" to "strong sell," while the company's current consensus price target is $9.67.
• Leggett & Platt announced a quarterly dividend of $0.05, translating to a 2.1% dividend yield, with the dividend scheduled for payment on October 15.

Cubist Systematic Strategies LLC lifted its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 1,495.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,539,758 shares of the company's stock after buying an additional 1,443,257 shares during the quarter. Cubist Systematic Strategies LLC owned about 1.14% of Leggett & Platt worth $12,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Canada Pension Plan Investment Board grew its holdings in Leggett & Platt by 15,000.0% in the first quarter. Canada Pension Plan Investment Board now owns 634,200 shares of the company's stock worth $5,017,000 after purchasing an additional 630,000 shares during the period. State of Wyoming purchased a new stake in Leggett & Platt in the first quarter worth about $89,000. Trexquant Investment LP grew its holdings in Leggett & Platt by 31.8% in the first quarter. Trexquant Investment LP now owns 1,551,964 shares of the company's stock worth $12,276,000 after purchasing an additional 374,073 shares during the period. Jane Street Group LLC grew 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 during the period. Finally, Campbell & CO Investment Adviser LLC grew its holdings in Leggett & Platt by 22.2% in the first quarter. Campbell & CO Investment Adviser LLC now owns 265,357 shares of the company's stock worth $2,099,000 after purchasing an additional 48,245 shares during the period. Hedge funds and other institutional investors own 64.23% of the company's stock.

Leggett & Platt Stock Performance

LEG stock traded up $0.21 on Friday, hitting $10.00. The company had a trading volume of 1,738,488 shares, compared to its average volume of 1,426,559. Leggett & Platt, Incorporated has a 12-month low of $6.47 and a 12-month high of $14.23. 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 stock's 50-day simple moving average is $9.56 and its 200 day simple moving average is $8.91. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 9.70 and a beta of 0.70.

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

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be issued 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 (DPR) is currently 19.42%.

Wall Street Analyst Weigh In

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

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.