Jupiter Topco LLC Acquires New Shares in Leggett & Platt, Incorporated $LEG

Key Points

• Jupiter Topco LLC acquired 226,854 shares of Leggett & Platt in the second quarter, valued at approximately $2.66 million and representing about 0.17% of the company. Institutional investors and hedge funds collectively own 64.23% of the stock.
• Leggett & Platt reported quarterly EPS of $0.39, exceeding the $0.26 consensus estimate, while revenue reached $999.7 million but declined 5.5% year over year.
• The stock opened at $9.20, below the analyst consensus price target of $10.67. Analysts maintain a consensus “Hold” rating, and the company recently paid a $0.05 quarterly dividend, yielding approximately 2.2% annually.

Jupiter Topco LLC purchased a new stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 226,854 shares of the company's stock, valued at approximately $2,658,000. Jupiter Topco LLC owned approximately 0.17% of Leggett & Platt as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Elevation Wealth Partners LLC raised its holdings in shares of Leggett & Platt by 752.8% in the second quarter. Elevation Wealth Partners LLC now owns 2,311 shares of the company's stock worth $27,000 after acquiring an additional 2,040 shares during the last quarter. Motiv8 Investments LLC purchased a new position in shares of Leggett & Platt during the 4th quarter worth about $34,000. Palisade Asset Management LLC purchased a new stake in Leggett & Platt in the third quarter valued at approximately $29,000. Hantz Financial Services Inc. increased its position in Leggett & Platt by 32.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company's stock worth $36,000 after purchasing an additional 783 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in Leggett & Platt during the third quarter worth approximately $51,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Leggett & Platt Price Performance

LEG opened at $9.20 on Thursday. Leggett & Platt, Incorporated has a 52-week low of $8.34 and a 52-week high of $13.00. The company has a 50 day moving average of $10.36 and a two-hundred day moving average of $10.49. The company has a market cap of $1.26 billion, a P/E ratio of 5.90 and a beta of 0.73. The company has a quick ratio of 1.53, a current ratio of 2.35 and a debt-to-equity ratio of 1.38.

Leggett & Platt (NYSE:LEG - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.13. The firm had revenue of $999.70 million during the quarter, compared to the consensus estimate of $982.86 million. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.The firm's quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 EPS. On average, analysts expect that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, August 10th. Leggett & Platt's dividend payout ratio (DPR) is presently 12.82%.

Analyst Ratings Changes

Several research analysts recently weighed in on LEG shares. Zacks Research raised Leggett & Platt from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 19th. Truist Financial lowered their price target 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. Piper Sandler dropped their price target on Leggett & Platt from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, August 12th. Finally, Weiss Ratings downgraded Leggett & Platt from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $10.67.

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.

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