Connor Clark & Lunn Investment Management Ltd. Acquires 71,179 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 13.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 611,682 shares of the company’s stock after purchasing an additional 71,179 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Leggett & Platt were worth $4,838,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sterling Capital Management LLC raised its stake in shares of Leggett & Platt by 17.1% in the fourth quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock valued at $77,000 after acquiring an additional 1,163 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Leggett & Platt by 8.9% in the first quarter. Oppenheimer & Co. Inc. now owns 24,501 shares of the company’s stock valued at $194,000 after acquiring an additional 2,000 shares during the period. Deutsche Bank AG raised its stake in shares of Leggett & Platt by 3.2% in the fourth quarter. Deutsche Bank AG now owns 67,319 shares of the company’s stock valued at $646,000 after acquiring an additional 2,109 shares during the period. Investors Research Corp raised its stake in shares of Leggett & Platt by 10.5% in the first quarter. Investors Research Corp now owns 28,322 shares of the company’s stock valued at $224,000 after acquiring an additional 2,687 shares during the period. Finally, Captrust Financial Advisors raised its stake in shares of Leggett & Platt by 27.5% in the fourth quarter. Captrust Financial Advisors now owns 13,521 shares of the company’s stock valued at $130,000 after acquiring an additional 2,915 shares during the period. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Trading Up 5.7%

LEG stock opened at $8.96 on Wednesday. The company has a market capitalization of $1.21 billion, a PE ratio of 8.70 and a beta of 0.70. Leggett & Platt, Incorporated has a 12 month low of $6.47 and a 12 month high of $14.23. The firm’s 50-day moving average is $9.47 and its 200 day moving average is $9.00. The company has a debt-to-equity ratio of 2.09, a current ratio of 2.17 and a quick ratio of 1.36.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.29 by $0.01. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. Leggett & Platt had a net margin of 3.36% and a return on equity of 19.42%. The firm’s revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 EPS. On average, research analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.20 dividend on an annualized basis and a yield of 2.2%. Leggett & Platt’s dividend payout ratio (DPR) is 19.42%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LEG. Wall Street Zen downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. The Goldman Sachs Group increased their target price on shares of Leggett & Platt from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, April 30th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $9.00 price target (down previously from $10.00) on shares of Leggett & Platt in a research note on Monday, August 4th.

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.