Invesco Ltd. Acquires 157,788 Shares of Leggett & Platt, Incorporated $LEG

Key Points

• Invesco Ltd. increased its stake in Leggett & Platt by 19.6%, acquiring an additional 157,788 shares to total approximately 961,228 shares valued at $7.6 million.
• Leggett & Platt has received mixed analyst ratings, with Zacks Research downgrading the stock to a "strong sell" while Goldman Sachs raised the target price from $8.00 to $9.00.
• The company announced a $0.05 quarterly dividend, which reflects an annualized dividend yield of 2.1%, with payment scheduled for October 15th.

Invesco Ltd. grew its holdings in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 19.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 961,228 shares of the company's stock after purchasing an additional 157,788 shares during the quarter. Invesco Ltd. owned approximately 0.71% of Leggett & Platt worth $7,603,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEG. Raymond James Financial Inc. bought a new position in shares of Leggett & Platt during the 4th quarter valued at about $575,000. Barclays PLC increased its holdings in shares of Leggett & Platt by 11.1% during the 4th quarter. Barclays PLC now owns 101,453 shares of the company's stock worth $973,000 after acquiring an additional 10,109 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Leggett & Platt by 1,563.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 39,103 shares of the company's stock worth $375,000 after acquiring an additional 36,752 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Leggett & Platt by 591.8% in the 4th quarter. Hsbc Holdings PLC now owns 334,295 shares of the company's stock valued at $3,221,000 after purchasing an additional 285,971 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Leggett & Platt by 7.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 88,936 shares of the company's stock valued at $854,000 after purchasing an additional 6,015 shares during the period. Institutional investors own 64.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on LEG. Zacks Research downgraded Leggett & Platt from a "hold" rating to a "strong sell" rating in a research report on Monday, August 18th. The Goldman Sachs Group increased their target price on Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $9.00 target price (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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $9.67.

Leggett & Platt Stock Performance

Shares of Leggett & Platt stock opened at $9.66 on Tuesday. The company has a current ratio of 2.17, a quick ratio of 1.36 and a debt-to-equity ratio of 2.09. The business's fifty day simple moving average is $9.48 and its 200 day simple moving average is $8.92. Leggett & Platt, Incorporated has a 12 month low of $6.47 and a 12 month high of $14.23. The firm has a market capitalization of $1.31 billion, a P/E ratio of 9.38 and a beta of 0.70.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.30 earnings per share (EPS) 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 business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the business posted $0.29 earnings per share. The business's revenue for the quarter was down 6.3% on a year-over-year basis. Leggett & Platt has set its FY 2025 guidance at 1.000-1.200 EPS. As a group, analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Monday, September 15th. Leggett & Platt's dividend payout ratio 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.