Nuveen LLC Purchases New Stake in Leggett & Platt, Incorporated $LEG

Key Points

• Nuveen LLC acquired 496,709 shares of Leggett & Platt, valued at approximately $3.93 million, increasing its ownership to about 0.37% as per its recent 13F filing.
• Leggett & Platt's stock has received mixed ratings from analysts, with Zacks Research downgrading it to a "strong sell" while Goldman Sachs raised its price target from $8.00 to $9.00.
• The company recently declared a quarterly dividend of $0.05, representing a 2.1% dividend yield, with the payout ratio set at 19.42%.

Nuveen LLC bought a new stake in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 496,709 shares of the company's stock, valued at approximately $3,929,000. Nuveen LLC owned 0.37% of Leggett & Platt at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of LEG. Vanguard Group Inc. boosted its holdings in Leggett & Platt by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company's stock valued at $131,177,000 after acquiring an additional 1,105,256 shares during the period. Invenomic Capital Management LP boosted its holdings in Leggett & Platt by 64.6% during the 4th quarter. Invenomic Capital Management LP now owns 1,517,156 shares of the company's stock valued at $14,565,000 after acquiring an additional 595,684 shares during the period. Seven Six Capital Management LLC purchased a new position in shares of Leggett & Platt in the 4th quarter valued at about $5,627,000. Point72 Asset Management L.P. purchased a new position in shares of Leggett & Platt in the 4th quarter valued at about $4,789,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Leggett & Platt by 591.8% in the 4th quarter. Hsbc Holdings PLC now owns 334,295 shares of the company's stock valued at $3,221,000 after buying an additional 285,971 shares during the period. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Stock Down 1.1%

Shares of NYSE LEG traded down $0.11 during midday trading on Monday, hitting $9.63. 1,510,407 shares of the company's stock were exchanged, compared to its average volume of 1,671,898. 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, Incorporated has a twelve month low of $6.47 and a twelve month high of $14.23. The company has a market cap of $1.30 billion, a PE ratio of 9.34 and a beta of 0.70. The firm's fifty day simple moving average is $9.53 and its 200-day simple moving average is $8.92.

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

Leggett & Platt Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wall Street Zen cut Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Zacks Research cut Leggett & Platt from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $9.00 price objective (down previously from $10.00) on shares of Leggett & Platt in a research note on Monday, August 4th. 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 has a consensus rating of "Reduce" and an average target price of $9.67.

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.