Lecap Asset Management Ltd. Purchases Shares of 32,182 Leggett & Platt, Incorporated $LEG

Key Points

• Lecap Asset Management Ltd. has acquired 32,182 shares of Leggett & Platt, valued at approximately $287,000, as per its latest SEC filing.
• Several institutional investors significantly increased their holdings in the company, with Millennium Management LLC boosting its stake by 784.7% in the first quarter.
• Leggett & Platt has recently declared a quarterly dividend of $0.05, yielding about 2.2%, with the payment scheduled for October 15th.

Lecap Asset Management Ltd. purchased a new stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 32,182 shares of the company's stock, valued at approximately $287,000.

A number of other hedge funds have also recently bought and sold shares of LEG. Millennium Management LLC grew its stake in Leggett & Platt by 784.7% in the first quarter. Millennium Management LLC now owns 4,605,416 shares of the company's stock valued at $36,429,000 after purchasing an additional 4,084,866 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in Leggett & Platt by 1,495.6% in the first quarter. Cubist Systematic Strategies LLC now owns 1,539,758 shares of the company's stock valued at $12,179,000 after purchasing an additional 1,443,257 shares in the last quarter. Vanguard Group Inc. grew its stake in Leggett & Platt by 7.1% in the first quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company's stock valued at $131,177,000 after purchasing an additional 1,105,256 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Leggett & Platt by 15,000.0% in the first quarter. Canada Pension Plan Investment Board now owns 634,200 shares of the company's stock valued at $5,017,000 after purchasing an additional 630,000 shares in the last quarter. Finally, Nuveen LLC bought a new position in Leggett & Platt in the first quarter valued at approximately $3,929,000. 64.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LEG. Piper Sandler restated a "neutral" rating and issued a $9.00 price target (down from $10.00) on shares of Leggett & Platt in a research note on Monday, August 4th. Zacks Research lowered Leggett & Platt from a "hold" rating to a "strong sell" rating in a report on Monday, August 18th. Wall Street Zen lowered Leggett & Platt from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Leggett & Platt in a report on Saturday, September 27th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Leggett & Platt has an average rating of "Reduce" and a consensus price target of $9.67.

Leggett & Platt Stock Performance

LEG opened at $9.00 on Friday. The business has a fifty day simple moving average of $9.32 and a 200 day simple moving average of $8.98. The company has a market capitalization of $1.22 billion, a PE ratio of 8.73 and a beta of 0.72. Leggett & Platt, Incorporated has a 1 year low of $6.47 and a 1 year high of $13.62. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.17 and a quick ratio of 1.36.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.01. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. Leggett & Platt had a return on equity of 19.42% and a net margin of 3.36%.The firm's quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 EPS. Leggett & Platt has set its FY 2025 guidance at 1.000-1.200 EPS. Research analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be paid a $0.05 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.20 annualized dividend and a yield of 2.2%. Leggett & Platt's payout ratio is 19.42%.

About Leggett & Platt

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.

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