Polar Asset Management Partners Inc. Purchases New Position in Leggett & Platt, Incorporated $LEG

Key Points

• Polar Asset Management Partners acquired 462,651 shares of Leggett & Platt valued at approximately $5.4 million, giving it a 0.34% stake. Institutional investors collectively own 64.23% of the company.
• Leggett & Platt reported quarterly earnings of $0.39 per share, beating estimates of $0.26, while revenue reached $999.7 million but declined 5.5% year over year.
• The stock opened at $9.34, below analysts’ consensus price target of $10.67. Analysts’ average rating remains “Hold,” while the company maintains a $0.05 quarterly dividend, yielding about 2.1%.

Polar Asset Management Partners Inc. acquired a new stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 462,651 shares of the company's stock, valued at approximately $5,418,000. Polar Asset Management Partners Inc. owned 0.34% of Leggett & Platt at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of LEG. Jupiter Topco LLC acquired a new stake in shares of Leggett & Platt in the second quarter valued at about $2,658,000. Hsbc Holdings PLC acquired a new position in Leggett & Platt during the 2nd quarter worth approximately $225,000. Lakewood Capital Management LP acquired a new position in Leggett & Platt during the 2nd quarter worth approximately $9,719,000. Legal & General Group Plc purchased a new position in Leggett & Platt in the 2nd quarter worth approximately $3,573,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Leggett & Platt in the second quarter valued at approximately $647,000. Hedge funds and other institutional investors own 64.23% of the company's stock.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $9.34 on Wednesday. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 5.98 and a beta of 0.73. Leggett & Platt, Incorporated has a one year low of $8.34 and a one year high of $13.00. The company's 50-day simple moving average is $10.57 and its 200-day simple moving average is $10.63. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.53 and a current ratio of 2.35.

Leggett & Platt (NYSE:LEG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.13. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.The firm had revenue of $999.70 million during the quarter, compared to analyst estimates of $982.86 million. During the same period in the previous year, the company earned $0.30 earnings per share. Leggett & Platt's quarterly revenue was down 5.5% on a year-over-year basis. Equities analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, August 10th. Leggett & Platt's dividend payout ratio is currently 12.82%.

Analysts Set New Price Targets

A number of research firms have recently commented on LEG. Piper Sandler reduced their target price on shares of Leggett & Platt from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 12th. Zacks Research raised shares of Leggett & Platt from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 19th. Truist Financial cut their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a 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 report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $10.67.

About Leggett & Platt

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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