The Manufacturers Life Insurance Company Invests $647,000 in Leggett & Platt, Incorporated $LEG

The Manufacturers Life Insurance Company purchased a new stake in Leggett & Platt, Incorporated (NYSE:LEG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 55,257 shares of the company’s stock, valued at approximately $647,000.

A number of other institutional investors also recently modified their holdings of the business. Elevation Wealth Partners LLC grew its stake in Leggett & Platt by 752.8% in the 2nd 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 stake in shares of Leggett & Platt during the third quarter worth $29,000. Motiv8 Investments LLC purchased a new stake in shares of Leggett & Platt during the fourth quarter worth $34,000. Hantz Financial Services Inc. boosted its holdings in shares of Leggett & Platt by 32.0% in 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 period. Finally, Advisory Services Network LLC bought a new position in shares of Leggett & Platt in the third quarter worth $51,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Price Performance

Leggett & Platt stock opened at $9.20 on Monday. Leggett & Platt, Incorporated has a 52 week low of $8.34 and a 52 week high of $13.00. The business has a 50-day simple moving average of $10.26 and a 200 day simple moving average of $10.46. The company has a quick ratio of 1.53, a current ratio of 2.35 and a debt-to-equity ratio of 1.38. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 5.90 and a beta of 0.73.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.13. The firm had revenue of $999.70 million for the quarter, compared to analysts’ expectations of $982.86 million. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.The company’s revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 EPS. On average, research analysts forecast that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

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

Wall Street Analyst Weigh In

LEG has been the topic of a number of analyst reports. Zacks Research upgraded Leggett & Platt from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 19th. Piper Sandler reduced their target price on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. Finally, Weiss Ratings cut Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.67.

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.