22,646,782 Shares in Leggett & Platt, Incorporated $LEG Acquired by BlackRock Inc.

BlackRock Inc. acquired a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 22,646,782 shares of the company’s stock, valued at approximately $265,194,000. BlackRock Inc. owned 0.17% of Leggett & Platt as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Elevation Wealth Partners LLC increased its position in shares of Leggett & Platt by 752.8% in the second quarter. Elevation Wealth Partners LLC now owns 2,311 shares of the company’s stock valued at $27,000 after buying an additional 2,040 shares in the last quarter. Palisade Asset Management LLC purchased a new position in Leggett & Platt during the 3rd quarter valued at about $29,000. Motiv8 Investments LLC acquired a new position in Leggett & Platt during the fourth quarter worth about $34,000. Hantz Financial Services Inc. raised its position in Leggett & Platt by 32.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after acquiring an additional 783 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of Leggett & Platt in the third quarter valued at about $51,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on LEG shares. Truist Financial dropped their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Piper Sandler reduced their target price on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings cut Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Finally, Zacks Research raised Leggett & Platt from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Leggett & Platt currently has a consensus rating of “Hold” and a consensus price target of $10.67.

Leggett & Platt Stock Performance

Leggett & Platt stock opened at $9.16 on Thursday. The firm has a market capitalization of $1.25 billion, a P/E ratio of 5.87 and a beta of 0.73. The stock has a fifty day moving average price of $10.54 and a 200 day moving average price of $10.61. Leggett & Platt, Incorporated has a 52 week low of $8.34 and a 52 week high of $13.00. The company has a current ratio of 2.35, a quick ratio of 1.53 and a debt-to-equity ratio of 1.38.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.13. The firm had revenue of $999.70 million for the quarter, compared to analyst estimates of $982.86 million. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.The firm’s quarterly revenue was down 5.5% on a year-over-year basis. During the same period last year, the company earned $0.30 EPS. Equities research analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, August 10th. Leggett & Platt’s dividend payout ratio is presently 12.82%.

About Leggett & Platt

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.