Intech Investment Management LLC Sells 153,940 Shares of Leggett & Platt, Incorporated $LEG

Key Points

• Intech Investment Management cut its Leggett & Platt stake by 38.5% in the fourth quarter, selling 153,940 shares and leaving it with 246,031 shares valued at about $2.7 million.
• Several other institutional investors also adjusted positions in LEG, and institutions now own 64.23% of the company’s shares.
• Analysts remain cautious: the consensus rating is “Reduce” with an average price target of $11.33, while the stock recently traded at $9.84 after the company reported weaker-than-expected quarterly earnings and revenue.

Intech Investment Management LLC lowered its position in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 38.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 246,031 shares of the company's stock after selling 153,940 shares during the quarter. Intech Investment Management LLC owned approximately 0.18% of Leggett & Platt worth $2,706,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in LEG. Royal Bank of Canada raised its position in shares of Leggett & Platt by 59.5% during the first quarter. Royal Bank of Canada now owns 47,054 shares of the company's stock worth $372,000 after acquiring an additional 17,561 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Leggett & Platt by 8.4% during the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company's stock worth $116,000 after purchasing an additional 1,132 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Leggett & Platt by 3.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company's stock worth $3,592,000 after purchasing an additional 13,187 shares during the period. Jane Street Group LLC grew its stake in shares of Leggett & Platt by 36.3% during 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, Acadian Asset Management LLC grew its stake in shares of Leggett & Platt by 113.5% during the first quarter. Acadian Asset Management LLC now owns 109,638 shares of the company's stock worth $866,000 after purchasing an additional 58,292 shares during the period. Institutional investors own 64.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Weiss Ratings raised Leggett & Platt from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 15th. Truist Financial decreased their price objective on Leggett & Platt from $13.00 to $11.00 and set a "hold" rating for the company in a research note on Friday, May 8th. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, February 21st. Finally, Zacks Research cut Leggett & Platt from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 14th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $11.33.

Leggett & Platt Stock Down 1.9%

NYSE:LEG opened at $9.84 on Wednesday. Leggett & Platt, Incorporated has a 1 year low of $7.86 and a 1 year high of $13.00. The company has a current ratio of 2.33, a quick ratio of 1.45 and a debt-to-equity ratio of 1.44. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 6.11 and a beta of 0.74. The stock has a 50-day moving average price of $10.32 and a two-hundred day moving average price of $10.91.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.11). Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The business had revenue of $918.20 million during the quarter, compared to analyst estimates of $946.79 million. During the same period in the previous year, the firm posted $0.24 earnings per share. The firm's revenue was down 10.2% on a year-over-year basis. As a group, equities analysts expect that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Monday, June 15th. Leggett & Platt's payout ratio is presently 12.42%.

Leggett & Platt Company Profile

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.

Want to see what other hedge funds are holding LEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Leggett & Platt, Incorporated (NYSE:LEG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.