Connor Clark & Lunn Investment Management Ltd. Raises Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Connor Clark & Lunn Investment Management Ltd. lifted its position in Leggett & Platt, Incorporated (NYSE:LEG) by 79.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 540,503 shares of the company’s stock after acquiring an additional 240,108 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Leggett & Platt were worth $5,189,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. CIBC Asset Management Inc raised its holdings in shares of Leggett & Platt by 7.7% in the fourth quarter. CIBC Asset Management Inc now owns 13,986 shares of the company’s stock valued at $134,000 after acquiring an additional 1,001 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Leggett & Platt in the third quarter valued at about $29,000. SRS Capital Advisors Inc. raised its holdings in shares of Leggett & Platt by 555.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company’s stock valued at $30,000 after acquiring an additional 2,629 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Leggett & Platt in the third quarter valued at about $37,000. Finally, KBC Group NV raised its holdings in shares of Leggett & Platt by 74.5% in the fourth quarter. KBC Group NV now owns 7,028 shares of the company’s stock valued at $67,000 after acquiring an additional 3,000 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Stock Performance

Shares of Leggett & Platt stock opened at $8.12 on Monday. The company has a market capitalization of $1.09 billion, a PE ratio of -2.18 and a beta of 1.11. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00. The company has a 50-day simple moving average of $9.82 and a two-hundred day simple moving average of $11.27. Leggett & Platt, Incorporated has a one year low of $7.92 and a one year high of $19.33.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Thursday, February 13th. The company reported $0.21 EPS for the quarter, hitting analysts’ consensus estimates of $0.21. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.03 billion. Research analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, March 14th. This represents a $0.20 annualized dividend and a dividend yield of 2.46%. Leggett & Platt’s dividend payout ratio (DPR) is currently -5.36%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LEG. Truist Financial decreased their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, January 29th. The Goldman Sachs Group reduced their target price on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th.

About Leggett & Platt

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.