GABELLI & Co INVESTMENT ADVISERS INC. Acquires Shares of 66,750 Leggett & Platt, Incorporated $LEG

GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Leggett & Platt, Incorporated (NYSE:LEG) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 66,750 shares of the company’s stock, valued at approximately $659,000.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on LEG shares. Zacks Research raised shares of Leggett & Platt from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings raised shares of Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Finally, Truist Financial decreased their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.33.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $11.16 on Friday. The company has a market cap of $1.52 billion, a P/E ratio of 6.93 and a beta of 0.71. The business has a 50 day moving average of $10.72 and a two-hundred day moving average of $11.00. Leggett & Platt, Incorporated has a 52 week low of $7.86 and a 52 week high of $13.00. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results 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 return on equity of 12.62% and a net margin of 5.69%.The company had revenue of $918.20 million for the quarter, compared to analyst estimates of $946.79 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The firm’s revenue for the quarter was down 10.2% compared to the same quarter last year. As a group, analysts anticipate that Leggett & Platt, Incorporated will post 0.9 EPS for the current year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Monday, June 15th. Leggett & Platt’s dividend payout ratio (DPR) is presently 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.