Invenomic Capital Management LP Acquires 595,684 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Invenomic Capital Management LP increased its stake in Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 64.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,517,156 shares of the company's stock after buying 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 reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Counterpoint Mutual Funds LLC purchased a new position in shares of Leggett & Platt during the 4th quarter worth approximately $666,000. Vanguard Group Inc. boosted its position in shares of Leggett & Platt by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company's stock valued at $148,593,000 after purchasing an additional 722,024 shares in the last quarter. American Century Companies Inc. grew its stake in Leggett & Platt by 50.3% in the fourth quarter. American Century Companies Inc. now owns 138,972 shares of the company's stock worth $1,334,000 after purchasing an additional 46,499 shares during the period. Trexquant Investment LP raised its holdings in Leggett & Platt by 89.0% in the fourth quarter. Trexquant Investment LP now owns 1,177,891 shares of the company's stock worth $11,308,000 after purchasing an additional 554,814 shares in the last quarter. Finally, Amundi lifted its position in Leggett & Platt by 90.3% during the fourth quarter. Amundi now owns 82,890 shares of the company's stock valued at $814,000 after buying an additional 39,324 shares during the period. 64.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on LEG. 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 report on Friday, April 11th. The Goldman Sachs Group boosted their price objective on shares of Leggett & Platt from $8.00 to $9.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Finally, Truist Financial decreased their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating for the company in a research note on Wednesday, January 29th.

Leggett & Platt Stock Down 0.1%

Leggett & Platt stock traded down $0.01 during mid-day trading on Friday, hitting $9.54. The company had a trading volume of 1,217,662 shares, compared to its average volume of 2,508,790. Leggett & Platt, Incorporated has a 12 month low of $6.48 and a 12 month high of $14.24. The company has a market capitalization of $1.29 billion, a PE ratio of -2.56 and a beta of 0.75. The stock's 50 day moving average price is $8.05 and its two-hundred day moving average price is $9.78. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70.

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 (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the firm earned $0.23 EPS. Leggett & Platt's quarterly revenue was down 6.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

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 paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.20 annualized dividend and a dividend yield of 2.10%. Leggett & Platt's dividend payout ratio is presently -5.35%.

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.