Retirement Systems of Alabama Sells 88,431 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Retirement Systems of Alabama reduced its position in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 34.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 166,976 shares of the company's stock after selling 88,431 shares during the period. Retirement Systems of Alabama owned about 0.13% of Leggett & Platt worth $4,370,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in LEG. Insight Folios Inc increased its position in Leggett & Platt by 5.2% in the fourth quarter. Insight Folios Inc now owns 9,374 shares of the company's stock worth $245,000 after buying an additional 460 shares during the period. Federated Hermes Inc. lifted its position in Leggett & Platt by 2.8% in the 3rd quarter. Federated Hermes Inc. now owns 18,641 shares of the company's stock valued at $474,000 after purchasing an additional 499 shares during the last quarter. Arizona State Retirement System boosted its stake in Leggett & Platt by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 37,901 shares of the company's stock valued at $963,000 after purchasing an additional 523 shares during the period. Covestor Ltd grew its position in Leggett & Platt by 17.6% in the 3rd quarter. Covestor Ltd now owns 3,575 shares of the company's stock worth $91,000 after purchasing an additional 535 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC increased its stake in shares of Leggett & Platt by 15.1% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 4,624 shares of the company's stock valued at $121,000 after purchasing an additional 605 shares during the period. 64.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Leggett & Platt

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the firm's stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the purchase, the executive vice president now directly owns 41,535 shares in the company, valued at $556,153.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.57% of the company's stock.

Leggett & Platt Stock Down 3.4 %

Shares of NYSE LEG traded down $0.47 during trading hours on Tuesday, hitting $13.18. The stock had a trading volume of 2,765,163 shares, compared to its average volume of 1,910,759. The firm's 50-day moving average price is $18.35 and its two-hundred day moving average price is $21.89. Leggett & Platt, Incorporated has a 52 week low of $11.02 and a 52 week high of $33.06. The company has a market capitalization of $1.76 billion, a P/E ratio of -11.36 and a beta of 1.19. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The company's revenue for the quarter was down 9.6% on a year-over-year basis. Analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Friday, June 14th. Leggett & Platt's dividend payout ratio is -17.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LEG shares. Truist Financial lowered their target price on shares of Leggett & Platt from $16.00 to $13.00 and set a "hold" rating on the stock in a research note on Friday. Piper Sandler cut their target price on Leggett & Platt from $16.00 to $13.00 and set an "underweight" rating for the company in a research report on Wednesday, May 1st. The Goldman Sachs Group lowered their price target on Leggett & Platt from $20.00 to $14.00 and set a "neutral" rating on the stock in a research report on Thursday, May 2nd. TheStreet lowered Leggett & Platt from a "c" rating to a "d+" rating in a report on Monday, March 11th. Finally, StockNews.com lowered Leggett & Platt from a "hold" rating to a "sell" rating in a report on Monday, March 11th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat.com, Leggett & Platt presently has a consensus rating of "Hold" and an average target price of $13.33.

Leggett & Platt Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.