Rangeley Capital LLC Has $2.10 Million Holdings in Leggett & Platt, Incorporated $LEG

Rangeley Capital LLC grew its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 56.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 213,000 shares of the company’s stock after acquiring an additional 77,070 shares during the quarter. Leggett & Platt accounts for 1.9% of Rangeley Capital LLC’s portfolio, making the stock its 11th largest holding. Rangeley Capital LLC’s holdings in Leggett & Platt were worth $2,104,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Leggett & Platt by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock valued at $208,890,000 after purchasing an additional 282,940 shares during the last quarter. Geode Capital Management LLC grew its position in Leggett & Platt by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company’s stock worth $34,917,000 after purchasing an additional 183,218 shares during the last quarter. Invenomic Capital Management LP increased its holdings in shares of Leggett & Platt by 4.0% during the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock worth $26,813,000 after purchasing an additional 93,213 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Leggett & Platt by 4.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,123,623 shares of the company’s stock worth $23,360,000 after purchasing an additional 98,430 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Leggett & Platt by 1.3% during the fourth quarter. Wellington Management Group LLP now owns 2,102,190 shares of the company’s stock valued at $23,124,000 after buying an additional 27,273 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Trading Up 0.0%

Shares of Leggett & Platt stock opened at $11.16 on Monday. Leggett & Platt, Incorporated has a 12-month low of $7.86 and a 12-month high of $13.00. The stock has a market capitalization of $1.52 billion, a P/E ratio of 6.93 and a beta of 0.71. The company has a 50-day simple moving average of $10.72 and a 200 day simple moving average of $11.00. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.11). Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The business had revenue of $918.20 million during the quarter, compared to the consensus estimate of $946.79 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. Research analysts expect that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were issued a $0.05 dividend. The ex-dividend date 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%.

Analysts Set New Price Targets

LEG has been the subject of several research reports. Truist Financial reduced their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Zacks Research upgraded Leggett & Platt from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.33.

About Leggett & Platt

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.