JPMorgan Chase & Co. Grows Stock Holdings in Leggett & Platt, Incorporated $LEG

JPMorgan Chase & Co. boosted its position in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 165.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 657,997 shares of the company’s stock after acquiring an additional 410,171 shares during the period. JPMorgan Chase & Co. owned 0.49% of Leggett & Platt worth $5,843,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Marshall Wace LLP boosted its position in shares of Leggett & Platt by 35.8% in the 2nd quarter. Marshall Wace LLP now owns 3,380,980 shares of the company’s stock worth $30,158,000 after purchasing an additional 890,577 shares in the last quarter. Franklin Resources Inc. purchased a new stake in Leggett & Platt in the second quarter valued at about $2,137,000. Prudential Financial Inc. boosted its holdings in Leggett & Platt by 202.7% in the second quarter. Prudential Financial Inc. now owns 402,232 shares of the company’s stock worth $3,588,000 after acquiring an additional 269,347 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in Leggett & Platt in the third quarter worth about $1,093,000. Finally, Norges Bank purchased a new stake in shares of Leggett & Platt during the second quarter worth about $10,706,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Piper Sandler increased their price objective on shares of Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Weiss Ratings downgraded shares of Leggett & Platt from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 16th. Zacks Research lowered shares of Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Wall Street Zen downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $11.67.

Leggett & Platt Price Performance

Shares of NYSE:LEG opened at $9.87 on Wednesday. Leggett & Platt, Incorporated has a twelve month low of $6.47 and a twelve month high of $13.00. The company has a current ratio of 2.25, a quick ratio of 1.45 and a debt-to-equity ratio of 1.46. The company has a market cap of $1.34 billion, a PE ratio of 5.84 and a beta of 0.71. The company’s 50 day moving average is $11.29 and its 200 day moving average is $10.51.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. The business had revenue of $938.60 million during the quarter, compared to analysts’ expectations of $938.74 million. Leggett & Platt had a net margin of 5.80% and a return on equity of 15.00%. The business’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.21 EPS. On average, sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Friday, March 13th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, March 13th. Leggett & Platt’s dividend payout ratio is presently 11.83%.

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.