Hsbc Holdings PLC Has $871,000 Position in Leggett & Platt, Incorporated $LEG

Key Points

• HSBC Holdings PLC has reduced its stake in Leggett & Platt by 66.9%, selling 223,774 shares and now holds about 0.08% of the company valued at $871,000.
• Leggett & Platt reported an EPS of $0.30 for the quarter, surpassing analysts' expectations, despite a 6.3% decline in revenue year-over-year.
• The company has announced a quarterly dividend of $0.05, with a 2.1% yield and a payout ratio of 19.42%.

Hsbc Holdings PLC decreased its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 66.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,521 shares of the company's stock after selling 223,774 shares during the quarter. Hsbc Holdings PLC owned approximately 0.08% of Leggett & Platt worth $871,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in LEG. Vanguard Group Inc. boosted its holdings in Leggett & Platt by 7.1% during the first quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company's stock worth $131,177,000 after purchasing an additional 1,105,256 shares during the last quarter. Invenomic Capital Management LP lifted its stake 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 valued at $14,565,000 after acquiring an additional 595,684 shares during the last quarter. Seven Six Capital Management LLC acquired a new stake in Leggett & Platt in the fourth quarter valued at $5,627,000. Point72 Asset Management L.P. acquired a new stake in Leggett & Platt in the fourth quarter valued at $4,789,000. Finally, Nuveen LLC acquired a new stake in Leggett & Platt in the first quarter valued at $3,929,000. Institutional investors and hedge funds own 64.23% of the company's stock.

Leggett & Platt Stock Performance

Shares of LEG traded up $0.08 during trading hours on Wednesday, hitting $9.39. The company had a trading volume of 1,495,564 shares, compared to its average volume of 2,431,910. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 9.12 and a beta of 0.70. The business has a fifty day moving average of $9.53 and a 200-day moving average of $8.91. Leggett & Platt, Incorporated has a 12 month low of $6.47 and a 12 month high of $14.23. The company has a quick ratio of 1.36, a current ratio of 2.17 and a debt-to-equity ratio of 2.09.

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

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Monday, September 15th. Leggett & Platt's dividend payout ratio (DPR) is currently 19.42%.

Analyst Ratings Changes

A number of analysts have commented on LEG shares. Zacks Research cut shares of Leggett & Platt from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. Wall Street Zen cut shares of Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Piper Sandler reiterated a "neutral" rating and issued a $9.00 price target (down previously from $10.00) on shares of Leggett & Platt in a research note on Monday, August 4th. Three research 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 has an average rating of "Reduce" and a consensus target price of $9.67.

About Leggett & Platt

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.