GABELLI & Co INVESTMENT ADVISERS INC. Makes New $659,000 Investment in Leggett & Platt, Incorporated $LEG

GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in Leggett & Platt, Incorporated (NYSE:LEG) during the 1st quarter, Holdings Channel reports. The firm purchased 66,750 shares of the company’s stock, valued at approximately $659,000.

A number of other hedge funds also recently made changes to their positions in the business. Royal Bank of Canada grew its holdings in Leggett & Platt by 59.5% in the 1st quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock worth $372,000 after buying an additional 17,561 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Leggett & Platt by 8.4% during the 1st quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after acquiring an additional 1,132 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Leggett & Platt by 3.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock valued at $3,592,000 after acquiring an additional 13,187 shares in the last quarter. Jane Street Group LLC boosted its position in Leggett & Platt by 36.3% during the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock worth $9,298,000 after acquiring an additional 312,840 shares during the period. Finally, Acadian Asset Management LLC boosted its position in Leggett & Platt by 113.5% during the 1st quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock worth $866,000 after acquiring an additional 58,292 shares during the period. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Price Performance

Shares of NYSE:LEG opened at $11.16 on Friday. Leggett & Platt, Incorporated has a 12 month low of $7.86 and a 12 month high of $13.00. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 6.93 and a beta of 0.71. The stock’s 50 day moving average price is $10.72 and its 200 day moving average price is $11.00. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) 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 firm had revenue of $918.20 million for the quarter, compared to the consensus estimate of $946.79 million. During the same period in the previous year, the business posted $0.24 earnings per share. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. Equities research analysts anticipate that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.20 annualized dividend and a yield of 1.8%. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.42%.

Analyst Ratings Changes

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

Leggett & Platt Company 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.