New York State Common Retirement Fund Trims Stock Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

New York State Common Retirement Fund decreased its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 14.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,235 shares of the company’s stock after selling 13,649 shares during the quarter. New York State Common Retirement Fund owned about 0.06% of Leggett & Platt worth $2,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in LEG. Ramirez Asset Management Inc. purchased a new stake in Leggett & Platt during the 3rd quarter worth about $25,000. Fifth Third Bancorp boosted its position in shares of Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after acquiring an additional 722 shares during the period. ORG Partners LLC bought a new position in shares of Leggett & Platt in the fourth quarter valued at approximately $49,000. Covestor Ltd grew its stake in Leggett & Platt by 17.6% during the third quarter. Covestor Ltd now owns 3,575 shares of the company’s stock valued at $91,000 after acquiring an additional 535 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its stake in Leggett & Platt by 18.5% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 3,888 shares of the company’s stock worth $99,000 after purchasing an additional 606 shares in the last quarter. 64.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on LEG shares. Piper Sandler reduced their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. TheStreet lowered Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Truist Financial dropped their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. The Goldman Sachs Group decreased their price objective on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Finally, StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.33.

Insider Activity

In related news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was bought at an average price of $13.39 per share, with a total value of $133,900.00. Following the purchase, the executive vice president now owns 41,535 shares in the company, valued at approximately $556,153.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.57% of the company’s stock.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock opened at $13.03 on Thursday. The firm has a market capitalization of $1.74 billion, a PE ratio of -11.23 and a beta of 1.19. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. Leggett & Platt, Incorporated has a 12 month low of $11.02 and a 12 month high of $33.06. The business’s 50-day moving average price is $18.19 and its 200-day moving average price is $21.83.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The firm’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 earnings per share. Sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a dividend of $0.05 per share. The ex-dividend date is Friday, June 14th. This represents a $0.20 annualized dividend and a yield of 1.53%. Leggett & Platt’s payout ratio is -17.24%.

About Leggett & Platt

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.