The Manufacturers Life Insurance Company Makes New $647,000 Investment in Leggett & Platt, Incorporated $LEG

The Manufacturers Life Insurance Company acquired a new position in Leggett & Platt, Incorporated (NYSE:LEG) in the second quarter, Holdings Channel.com reports. The firm acquired 55,257 shares of the company’s stock, valued at approximately $647,000.

Several other institutional investors have also recently modified their holdings of LEG. BlackRock Inc. bought a new stake in Leggett & Platt in the 2nd quarter worth approximately $265,194,000. Vanguard Group Inc. raised its stake in shares of Leggett & Platt by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock worth $208,890,000 after acquiring an additional 282,940 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Leggett & Platt by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company’s stock worth $34,917,000 after acquiring an additional 183,218 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Leggett & Platt by 22.7% in the 1st quarter. Quantinno Capital Management LP now owns 3,023,884 shares of the company’s stock worth $29,876,000 after acquiring an additional 559,868 shares during the last quarter. Finally, Invenomic Capital Management LP lifted its holdings in shares of Leggett & Platt by 4.0% in the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock worth $26,813,000 after acquiring an additional 93,213 shares during the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Stock Performance

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

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

Leggett & Platt Announces Dividend

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

Analyst Ratings Changes

Several research firms recently commented on LEG. Zacks Research raised shares of Leggett & Platt from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 19th. Weiss Ratings downgraded shares of Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Finally, Piper Sandler lowered their price target on shares of Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.67.

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.