Wellington Management Group LLP Increases Stock Position in Leggett & Platt, Incorporated $LEG

Key Points

• Wellington Management Group LLP has increased its stake in Leggett & Platt, Incorporated by 11.2%, acquiring an additional 133,394 shares, bringing its total ownership to 1,323,652 shares valued at approximately $10.47 million.
• Recent analyst ratings for Leggett & Platt are mixed, with Piper Sandler and Goldman Sachs maintaining a "neutral" rating and adjusting price targets, while Zacks Research downgraded the stock to a "strong sell" rating.
• Leggett & Platt recently announced a quarterly dividend of $0.05 per share, reflecting an annualized yield of 2.1%, with a payout ratio currently at 19.42%.

Wellington Management Group LLP grew its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,323,652 shares of the company's stock after acquiring an additional 133,394 shares during the period. Wellington Management Group LLP owned about 0.98% of Leggett & Platt worth $10,470,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of LEG. Vanguard Group Inc. lifted its position in shares of 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 lifted its position in shares of 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 acquired a new stake in shares of Leggett & Platt during the 4th quarter valued at approximately $5,627,000. Point72 Asset Management L.P. acquired a new stake in shares of Leggett & Platt during the 4th quarter valued at approximately $4,789,000. Finally, Nuveen LLC acquired a new stake in shares of Leggett & Platt during the 1st quarter valued at approximately $3,929,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Leggett & Platt Trading Down 3.2%

LEG stock traded down $0.31 during midday trading on Tuesday, hitting $9.31. The stock had a trading volume of 1,465,058 shares, compared to its average volume of 1,516,188. The firm has a market cap of $1.26 billion, a PE ratio of 9.03 and a beta of 0.70. 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 12-month low of $6.47 and a 12-month high of $14.23. The company's 50-day moving average price is $9.53 and its 200 day moving average price is $8.91.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its 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 firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.06 billion. Leggett & Platt had a net margin of 3.36% and a return on equity of 19.42%. Leggett & Platt's revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 EPS. Leggett & Platt has set its FY 2025 guidance at 1.000-1.200 EPS. On average, equities research analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company 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 yield of 2.1%. The ex-dividend date of this dividend is Monday, September 15th. Leggett & Platt's payout ratio is presently 19.42%.

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.