Leggett & Platt, Incorporated $LEG Holdings Boosted by M&T Bank Corp

Key Points

• M&T Bank boosted its stake in Leggett & Platt by 8,333% in Q4, adding 1,118,707 shares to hold 1,132,132 shares (~0.84% of the company) worth about $12.45 million.
• Leggett & Platt reported Q4 EPS of $0.22 (in line) on revenue of $938.6M, down 11.2% year-over-year, and faces negative analyst sentiment with a consensus rating of "Reduce" and a $11.67 price target after recent downgrades.
• The stock trades at a low valuation (PE of 6.73) with a $1.55 billion market cap, pays a $0.05 quarterly dividend (annual yield ~1.8%), and institutional investors own about 64.23% of shares.

M&T Bank Corp boosted its holdings in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 8,333.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,132,132 shares of the company's stock after acquiring an additional 1,118,707 shares during the period. M&T Bank Corp owned about 0.84% of Leggett & Platt worth $12,453,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of LEG. Royal Bank of Canada lifted its holdings in Leggett & Platt by 59.5% in the first quarter. Royal Bank of Canada now owns 47,054 shares of the company's stock worth $372,000 after acquiring an additional 17,561 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Leggett & Platt by 8.4% in the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company's stock worth $116,000 after acquiring an additional 1,132 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Leggett & Platt by 3.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company's stock worth $3,592,000 after acquiring an additional 13,187 shares during the last quarter. Jane Street Group LLC lifted its holdings in Leggett & Platt by 36.3% in the first quarter. Jane Street Group LLC now owns 1,175,452 shares of the company's stock worth $9,298,000 after acquiring an additional 312,840 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Leggett & Platt by 113.5% in the first quarter. Acadian Asset Management LLC now owns 109,638 shares of the company's stock worth $866,000 after acquiring an additional 58,292 shares during the last quarter. Institutional investors own 64.23% of the company's stock.

Leggett & Platt Stock Performance

LEG opened at $11.38 on Friday. The business's 50 day moving average is $10.76 and its 200-day moving average is $10.68. The stock has a market cap of $1.55 billion, a PE ratio of 6.73 and a beta of 0.74. The company has a current ratio of 2.25, a quick ratio of 1.45 and a debt-to-equity ratio of 1.46. Leggett & Platt, Incorporated has a twelve month low of $7.18 and a twelve month high of $13.00.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.22 earnings per share for the quarter, meeting analysts' consensus estimates of $0.22. The company had revenue of $938.60 million for the quarter, compared to analysts' expectations of $938.74 million. Leggett & Platt had a return on equity of 15.00% and a net margin of 5.80%.The business's revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 earnings per share. On average, analysts predict that Leggett & Platt, Incorporated will post 1.08 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, March 13th. Leggett & Platt's payout ratio is 11.83%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on LEG shares. Weiss Ratings cut Leggett & Platt from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, March 16th. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a report on Saturday, February 21st. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $11.67.

Leggett & Platt 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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