Leggett & Platt, Incorporated (NYSE:LEG) Position Raised by Legato Capital Management LLC

Key Points

• Legato Capital Management LLC increased its shareholding in Leggett & Platt by 149.6%, acquiring an additional 42,988 shares, bringing its total ownership to 71,724 shares valued at approximately $567,000.
• Institutional investors collectively own 64.23% of Leggett & Platt's stock, with notable increases in shareholdings from firms such as Vanguard Group, AQR Capital Management, and Invenomic Capital Management.
• Analysts have varied ratings for Leggett & Platt, with Wall Street Zen upgrading to a "buy" rating while Piper Sandler maintained a "neutral" rating with a price objective decrease from $12.00 to $9.00.

Legato Capital Management LLC raised its position in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 149.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,724 shares of the company's stock after purchasing an additional 42,988 shares during the period. Legato Capital Management LLC owned about 0.05% of Leggett & Platt worth $567,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Leggett & Platt by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company's stock valued at $148,593,000 after acquiring an additional 722,024 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Leggett & Platt by 50.3% during the 4th quarter. American Century Companies Inc. now owns 138,972 shares of the company's stock valued at $1,334,000 after acquiring an additional 46,499 shares during the last quarter. Trexquant Investment LP increased its stake in shares of Leggett & Platt by 89.0% during the 4th quarter. Trexquant Investment LP now owns 1,177,891 shares of the company's stock valued at $11,308,000 after acquiring an additional 554,814 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Leggett & Platt during the 4th quarter valued at about $575,000. Finally, Aster Capital Management DIFC Ltd increased its stake in shares of Leggett & Platt by 1,163.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 49,836 shares of the company's stock valued at $478,000 after acquiring an additional 45,893 shares during the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. The Goldman Sachs Group increased their target price on shares of Leggett & Platt from $8.00 to $9.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Wall Street Zen raised shares of Leggett & Platt from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, Piper Sandler reissued a "neutral" rating and set a $9.00 target price (down previously from $12.00) on shares of Leggett & Platt in a research report on Friday, April 11th.

Leggett & Platt Stock Up 0.8%

NYSE:LEG traded up $0.09 during trading hours on Friday, hitting $10.34. The stock had a trading volume of 1,250,682 shares, compared to its average volume of 3,047,172. The company has a current ratio of 2.20, a quick ratio of 1.36 and a debt-to-equity ratio of 2.59. Leggett & Platt, Incorporated has a 1-year low of $6.47 and a 1-year high of $14.23. The business has a 50 day simple moving average of $9.45 and a two-hundred day simple moving average of $9.13. The company has a market cap of $1.40 billion, a PE ratio of -2.76 and a beta of 0.74.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. Leggett & Platt had a negative net margin of 11.89% and a positive return on equity of 20.46%. Leggett & Platt's revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter last year, the company earned $0.23 earnings per share. Analysts predict that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Friday, June 13th. Leggett & Platt's dividend payout ratio (DPR) is currently -5.35%.

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.