Renaissance Technologies LLC Trims Holdings in Leggett & Platt, Incorporated $LEG

Renaissance Technologies LLC trimmed its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 6.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 787,700 shares of the company’s stock after selling 50,600 shares during the quarter. Renaissance Technologies LLC owned about 0.58% of Leggett & Platt worth $7,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of LEG. Palisade Asset Management LLC purchased a new stake in Leggett & Platt in the third quarter worth about $29,000. Motiv8 Investments LLC purchased a new position in shares of Leggett & Platt during the fourth quarter valued at approximately $34,000. Hantz Financial Services Inc. boosted its position in shares of Leggett & Platt by 32.0% in the 4th quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after purchasing an additional 783 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Leggett & Platt in the 3rd quarter worth approximately $51,000. Finally, Kingdom Financial Group LLC. purchased a new stake in shares of Leggett & Platt in the 4th quarter worth approximately $66,000. 64.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LEG has been the subject of a number of analyst reports. Zacks Research raised Leggett & Platt from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Truist Financial dropped their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Finally, Weiss Ratings cut Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.33.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $10.01 on Tuesday. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44. The company has a 50 day moving average price of $10.78 and a 200-day moving average price of $10.93. Leggett & Platt, Incorporated has a 52 week low of $7.86 and a 52 week high of $13.00. The firm has a market capitalization of $1.37 billion, a PE ratio of 6.21 and a beta of 0.73.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The company had revenue of $918.20 million for the quarter, compared to the consensus estimate of $946.79 million. During the same quarter last year, the company earned $0.24 EPS. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. As a group, equities research analysts expect that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, August 10th. Leggett & Platt’s dividend payout ratio (DPR) is 12.42%.

Leggett & Platt 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.