Invenomic Capital Management LP Purchases 93,213 Shares of Leggett & Platt, Incorporated $LEG

Key Points

• Invenomic Capital Management increased its stake in Leggett & Platt by 4.0% in the fourth quarter, buying 93,213 shares and bringing its total holding to 2.44 million shares worth about $26.8 million.
• Other large institutional investors, including Vanguard, Geode Capital, and Charles Schwab, also added to their positions, and institutions now own 64.23% of the company.
• Leggett & Platt reported weaker-than-expected quarterly results, with EPS of $0.15 versus estimates of $0.26 and revenue down 10.2% year over year; analysts currently have a consensus rating of Reduce with a $11.33 price target.

Invenomic Capital Management LP increased its position in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 4.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,437,519 shares of the company's stock after purchasing an additional 93,213 shares during the quarter. Leggett & Platt makes up 1.2% of Invenomic Capital Management LP's portfolio, making the stock its 21st largest holding. Invenomic Capital Management LP owned approximately 1.80% of Leggett & Platt worth $26,813,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Leggett & Platt by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company's stock worth $208,890,000 after purchasing an additional 282,940 shares during the period. Geode Capital Management LLC lifted its position in Leggett & Platt by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company's stock worth $34,917,000 after purchasing an additional 183,218 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Leggett & Platt by 4.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,123,623 shares of the company's stock worth $23,360,000 after purchasing an additional 98,430 shares during the period. Dimensional Fund Advisors LP lifted its position in Leggett & Platt by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,016,519 shares of the company's stock worth $22,181,000 after purchasing an additional 12,763 shares during the period. Finally, Two Sigma Investments LP lifted its position in Leggett & Platt by 15.8% in the third quarter. Two Sigma Investments LP now owns 1,437,900 shares of the company's stock worth $12,769,000 after purchasing an additional 196,656 shares during the period. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Stock Down 0.8%

LEG opened at $10.77 on Thursday. The firm's 50-day simple moving average is $10.45 and its 200-day simple moving average is $11.00. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.45 and a current ratio of 2.33. Leggett & Platt, Incorporated has a twelve month low of $7.86 and a twelve month high of $13.00. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 6.69 and a beta of 0.74.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its quarterly 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 the consensus estimate of $946.79 million. During the same period in the prior year, the firm earned $0.24 earnings per share. The business's quarterly revenue was down 10.2% compared to the same quarter last year. Equities research analysts anticipate that Leggett & Platt, Incorporated will post 0.9 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, June 15th. Leggett & Platt's payout ratio is currently 12.42%.

Analysts Set New Price Targets

Several 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 report on Friday, May 15th. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a research report on Saturday, February 21st. Zacks Research cut Leggett & Platt from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 14th. Finally, Truist Financial reduced their target price on Leggett & Platt from $13.00 to $11.00 and set a "hold" rating for the company in a research report on Friday, May 8th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $11.33.

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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