Millennium Management LLC Has $36.43 Million Stock Position in Leggett & Platt, Incorporated $LEG

Key Points

• Millennium Management LLC significantly increased its stake in Leggett & Platt, acquiring 4,084,866 shares and raising its holdings by 784.7% in the first quarter.
• Leggett & Platt reported earnings per share of $0.30 in its latest quarterly report, beating expectations, while year-over-year revenue declined by 6.3%.
• The company announced a quarterly dividend of $0.05 per share, reflecting an annualized dividend yield of 2.1%.

Millennium Management LLC raised its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 784.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,605,416 shares of the company's stock after acquiring an additional 4,084,866 shares during the period. Millennium Management LLC owned approximately 3.41% of Leggett & Platt worth $36,429,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Oppenheimer & Co. Inc. lifted its holdings in Leggett & Platt by 8.9% in the first quarter. Oppenheimer & Co. Inc. now owns 24,501 shares of the company's stock valued at $194,000 after acquiring an additional 2,000 shares during the period. Deutsche Bank AG increased its position in shares of Leggett & Platt by 3.2% during the fourth quarter. Deutsche Bank AG now owns 67,319 shares of the company's stock worth $646,000 after purchasing an additional 2,109 shares in the last quarter. Investors Research Corp increased its position in shares of Leggett & Platt by 10.5% during the first quarter. Investors Research Corp now owns 28,322 shares of the company's stock worth $224,000 after purchasing an additional 2,687 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Leggett & Platt by 27.5% during the fourth quarter. Captrust Financial Advisors now owns 13,521 shares of the company's stock worth $130,000 after purchasing an additional 2,915 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in Leggett & Platt by 16.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 57,580 shares of the company's stock valued at $455,000 after buying an additional 8,260 shares in the last quarter. Institutional investors own 64.23% of the company's stock.

Leggett & Platt Trading Down 3.0%

LEG stock traded down $0.30 during trading on Friday, reaching $9.62. 1,586,511 shares of the stock traded hands, compared to its average volume of 1,636,631. Leggett & Platt, Incorporated has a 52-week low of $6.47 and a 52-week high of $14.23. The business's 50 day moving average price is $9.60 and its 200-day moving average price is $8.92. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.17 and a quick ratio of 1.36. The firm has a market capitalization of $1.30 billion, a PE ratio of 9.34 and a beta of 0.70.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.01. The firm 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%.Leggett & Platt's revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 earnings per share. Leggett & Platt has set its FY 2025 guidance at 1.000-1.200 EPS. As a group, sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.1%. The ex-dividend date is Monday, September 15th. Leggett & Platt's dividend payout ratio (DPR) is currently 19.42%.

Analyst Ratings Changes

Several brokerages have recently commented on LEG. Piper Sandler reaffirmed a "neutral" rating and issued a $9.00 price target (down previously from $10.00) on shares of Leggett & Platt in a research note on Monday, August 4th. Zacks Research downgraded Leggett & Platt from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. Finally, Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $9.67.

Leggett & Platt Company 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.