Invenomic Capital Management LP Has $14.57 Million Position in Leggett & Platt, Incorporated (NYSE:LEG)

Invenomic Capital Management LP lifted its stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 64.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,517,156 shares of the company's stock after purchasing an additional 595,684 shares during the period. Invenomic Capital Management LP owned 1.13% of Leggett & Platt worth $14,565,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. SRS Capital Advisors Inc. boosted its holdings in Leggett & Platt by 555.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company's stock worth $30,000 after buying an additional 2,629 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Leggett & Platt in the 4th quarter valued at $50,000. KBC Group NV increased its holdings in shares of Leggett & Platt by 74.5% in the fourth quarter. KBC Group NV now owns 7,028 shares of the company's stock worth $67,000 after acquiring an additional 3,000 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of Leggett & Platt by 17.1% in the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company's stock valued at $77,000 after purchasing an additional 1,163 shares during the period. Finally, Blue Trust Inc. increased its stake in Leggett & Platt by 461.6% during the 4th quarter. Blue Trust Inc. now owns 9,688 shares of the company's stock worth $93,000 after purchasing an additional 7,963 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Stock Down 1.3%

Shares of NYSE LEG traded down $0.12 during mid-day trading on Wednesday, hitting $9.46. The company had a trading volume of 1,533,735 shares, compared to its average volume of 2,515,737. Leggett & Platt, Incorporated has a one year low of $6.48 and a one year high of $14.24. The company has a market capitalization of $1.28 billion, a PE ratio of -2.54 and a beta of 0.75. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70. The firm has a 50-day simple moving average of $8.02 and a two-hundred day simple moving average of $9.80.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The business's quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.23 EPS. On average, equities analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.11%. Leggett & Platt's payout ratio is -5.35%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LEG. Truist Financial reduced their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating for the company in a report on Wednesday, January 29th. Piper Sandler reaffirmed a "neutral" rating and issued a $9.00 target price (down from $12.00) on shares of Leggett & Platt in a research note on Friday, April 11th. Finally, The Goldman Sachs Group lifted their price target on Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a research note on Wednesday, April 30th.

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.