Invenomic Capital Management LP Has $15.76 Million Stake in Leggett & Platt, Incorporated $LEG

Key Points

• Invenomic Capital Management LP increased its ownership in Leggett & Platt by 31.3%, acquiring an additional 475,163 shares to hold about 1.47% of the company, valued at $15.76 million.
• Research firms have recently downgraded Leggett & Platt, including Zacks Research which shifted its rating to a "strong sell."
• Leggett & Platt announced a quarterly dividend of $0.05 per share, with a yield of 2.0%, payable on October 15th to investors on record by September 15th.

Invenomic Capital Management LP grew its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 31.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,992,319 shares of the company's stock after purchasing an additional 475,163 shares during the period. Invenomic Capital Management LP owned approximately 1.47% of Leggett & Platt worth $15,759,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Jacobs Levy Equity Management Inc. acquired a new position in shares of Leggett & Platt during the first quarter valued at $1,038,000. Amundi increased its holdings in shares of Leggett & Platt by 241.4% during the first quarter. Amundi now owns 283,000 shares of the company's stock valued at $2,103,000 after purchasing an additional 200,110 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Leggett & Platt during the first quarter valued at $261,000. Royal Bank of Canada grew its holdings in 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 period. Finally, Cubist Systematic Strategies LLC grew its holdings in Leggett & Platt by 1,495.6% during the first quarter. Cubist Systematic Strategies LLC now owns 1,539,758 shares of the company's stock worth $12,179,000 after acquiring an additional 1,443,257 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Leggett & Platt Trading Up 2.1%

LEG traded up $0.21 during trading on Friday, reaching $10.00. The company had a trading volume of 1,738,488 shares, compared to its average volume of 1,426,734. The firm's 50-day simple moving average is $9.56 and its 200 day simple moving average is $8.90. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 9.70 and a beta of 0.70. Leggett & Platt, Incorporated has a 12-month low of $6.47 and a 12-month high of $14.23. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.36 and a current ratio of 2.17.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.01. Leggett & Platt had a return on equity of 19.42% and a net margin of 3.36%.The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter last year, the business posted $0.29 EPS. Leggett & Platt's 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. Equities research analysts anticipate that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, September 15th. This represents a $0.20 dividend on an annualized basis and a yield of 2.0%. Leggett & Platt's dividend payout ratio (DPR) is presently 19.42%.

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.