Leggett & Platt, Incorporated $LEG Shares Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its Leggett & Platt stake by 50.7% in the first quarter, acquiring 364,544 shares for a total holding of 1.08 million shares worth approximately $10.7 million. Institutional investors collectively own 64.23% of the company.
• Analysts maintain a cautious outlook: Leggett & Platt has an average “Hold” rating and an average price target of $11.33, while Truist lowered its target from $13 to $11.
• The company reported first-quarter adjusted earnings of $0.15 per share, below the $0.26 consensus estimate, while revenue fell 10.2% year over year to $918.2 million. Leggett & Platt declared a quarterly dividend of $0.05, representing a 2.0% annualized yield.

Empowered Funds LLC lifted its position in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 50.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,083,983 shares of the company's stock after acquiring an additional 364,544 shares during the quarter. Empowered Funds LLC owned 0.79% of Leggett & Platt worth $10,710,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. M&T Bank Corp increased its position in Leggett & Platt by 8,333.0% during the 4th quarter. M&T Bank Corp now owns 1,132,132 shares of the company's stock worth $12,453,000 after purchasing an additional 1,118,707 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Leggett & Platt in the 4th quarter valued at approximately $11,297,000. Towle & Co. acquired a new stake in shares of Leggett & Platt in the 4th quarter valued at approximately $10,484,000. Forest Avenue Capital Management LP boosted its stake in shares of Leggett & Platt by 208.4% in the fourth quarter. Forest Avenue Capital Management LP now owns 1,233,534 shares of the company's stock valued at $13,569,000 after buying an additional 833,534 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Leggett & Platt by 208.2% in the second quarter. Quantinno Capital Management LP now owns 1,143,164 shares of the company's stock valued at $10,197,000 after buying an additional 772,263 shares in the last quarter. Institutional investors and hedge funds own 64.23% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Zacks Research upgraded Leggett & Platt from a "strong sell" rating to a "hold" rating in a research report on Monday, July 20th. Truist Financial decreased their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research report on Friday, May 8th. Finally, Weiss Ratings cut shares of Leggett & Platt from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Leggett & Platt presently has an average rating of "Hold" and an average price target of $11.33.

Leggett & Platt Price Performance

Shares of NYSE:LEG opened at $10.01 on Friday. The business's 50 day simple moving average is $10.79 and its 200-day simple moving average is $10.96. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 6.21 and a beta of 0.71. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45. Leggett & Platt, Incorporated has a 12 month low of $7.86 and a 12 month high of $13.00.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.11). The firm had revenue of $918.20 million during the quarter, compared to analysts' expectations of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The business's revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 earnings per share. As a group, equities analysts forecast that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.20 annualized dividend and a yield of 2.0%. Leggett & Platt's dividend payout ratio is 12.42%.

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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