Deutsche Bank AG Purchases Shares of 240,108 Leggett & Platt, Incorporated $LEG

Key Points

• Deutsche Bank acquired 240,108 Leggett & Platt shares worth approximately $2.8 million, giving it a 0.18% stake. Institutional investors collectively own 64.23% of the company.
• Analyst sentiment remains cautious: Leggett & Platt has an average “Hold” rating and a consensus price target of $10.67, despite Zacks Research upgrading the stock to “Strong Buy.”
• The company exceeded quarterly earnings expectations with $0.39 EPS versus $0.26 forecast, though revenue fell 5.5% year over year. Leggett & Platt also paid a quarterly dividend of $0.05 per share, representing a 2.2% yield.

Deutsche Bank AG acquired a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 240,108 shares of the company's stock, valued at approximately $2,812,000. Deutsche Bank AG owned approximately 0.18% of Leggett & Platt at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Elevation Wealth Partners LLC raised its stake in shares of Leggett & Platt by 752.8% in the second quarter. Elevation Wealth Partners LLC now owns 2,311 shares of the company's stock valued at $27,000 after acquiring an additional 2,040 shares during the last quarter. Palisade Asset Management LLC bought a new stake in Leggett & Platt during the 3rd quarter worth approximately $29,000. Motiv8 Investments LLC acquired a new stake in Leggett & Platt during the 4th quarter valued at $34,000. Hantz Financial Services Inc. increased its holdings in Leggett & Platt by 32.0% during the 4th quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company's stock valued at $36,000 after purchasing an additional 783 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Leggett & Platt in the 3rd quarter valued at $51,000. 64.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

LEG has been the topic of a number of recent analyst reports. Zacks Research raised Leggett & Platt from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 19th. Piper Sandler reduced their price target on shares of Leggett & Platt from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 12th. Truist Financial decreased their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a report on Friday, May 8th. Finally, Weiss Ratings cut shares of 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 has an average rating of "Hold" and a consensus price target of $10.67.

Leggett & Platt Stock Performance

Shares of Leggett & Platt stock opened at $9.16 on Friday. The firm has a fifty day moving average of $10.50 and a two-hundred day moving average of $10.58. 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, Incorporated has a 52 week low of $8.34 and a 52 week 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.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $999.70 million for the quarter, compared to the consensus estimate of $982.86 million. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.The firm's quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.30 EPS. As a group, equities research analysts predict that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, August 10th. 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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