SG Americas Securities LLC Has $485,000 Stake in Leggett & Platt, Incorporated $LEG

Key Points

• SG Americas Securities LLC sharply cut its Leggett & Platt position in the first quarter, reducing holdings by 86.7% to 49,135 shares worth about $485,000.
• Analyst sentiment remains cautious: Truist lowered its price target to $11, Zacks downgraded the stock to strong sell, and the overall consensus rating is now Reduce with a target price of $11.33.
• Leggett & Platt reported weaker-than-expected quarterly results, with EPS of $0.15 versus a $0.26 estimate and revenue down 10.2% year over year; the company also announced a $0.05 quarterly dividend payable July 15.

SG Americas Securities LLC decreased its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 86.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,135 shares of the company's stock after selling 321,508 shares during the quarter. SG Americas Securities LLC's holdings in Leggett & Platt were worth $485,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Leggett & Platt by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company's stock worth $208,890,000 after acquiring an additional 282,940 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Leggett & Platt by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company's stock valued at $34,917,000 after purchasing an additional 183,218 shares in the last quarter. Invenomic Capital Management LP lifted its stake in shares of Leggett & Platt by 4.0% in the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company's stock valued at $26,813,000 after purchasing an additional 93,213 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Leggett & Platt by 4.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,123,623 shares of the company's stock valued at $23,360,000 after purchasing an additional 98,430 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Leggett & Platt by 1.3% in the fourth quarter. Wellington Management Group LLP now owns 2,102,190 shares of the company's stock worth $23,124,000 after purchasing an additional 27,273 shares in the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Truist Financial lowered 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. Weiss Ratings raised Leggett & Platt from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, May 15th. Finally, Zacks Research downgraded Leggett & Platt from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 14th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Leggett & Platt presently has a consensus rating of "Reduce" and a consensus target price of $11.33.

Leggett & Platt Trading Down 1.1%

NYSE:LEG opened at $11.12 on Thursday. The company's 50 day moving average is $10.55 and its 200-day moving average is $11.01. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44. Leggett & Platt, Incorporated has a 12 month low of $7.86 and a 12 month high of $13.00. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 6.90 and a beta of 0.71.

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

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.20 dividend on an annualized basis and a yield of 1.8%. Leggett & Platt's payout ratio is currently 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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