RBF Capital LLC Sells 59,999 Shares of Leggett & Platt, Incorporated $LEG

RBF Capital LLC trimmed its position in Leggett & Platt, Incorporated (NYSE:LEG) by 10.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 500,000 shares of the company’s stock after selling 59,999 shares during the quarter. RBF Capital LLC owned about 0.37% of Leggett & Platt worth $4,940,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. M&T Bank Corp raised its holdings in shares of Leggett & Platt by 8,333.0% during the 4th quarter. M&T Bank Corp now owns 1,132,132 shares of the company’s stock worth $12,453,000 after acquiring an additional 1,118,707 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Leggett & Platt during the fourth quarter valued at $11,297,000. Towle & Co. bought a new position in Leggett & Platt during the fourth quarter valued at $10,484,000. Forest Avenue Capital Management LP grew its stake in shares of Leggett & Platt by 208.4% in the 4th quarter. Forest Avenue Capital Management LP now owns 1,233,534 shares of the company’s stock worth $13,569,000 after buying an additional 833,534 shares in the last quarter. Finally, Quantinno Capital Management LP increased its holdings in shares of Leggett & Platt by 208.2% in the 2nd quarter. Quantinno Capital Management LP now owns 1,143,164 shares of the company’s stock worth $10,197,000 after buying an additional 772,263 shares during the last quarter. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Stock Down 4.3%

Shares of NYSE LEG opened at $10.28 on Thursday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.45 and a current ratio of 2.33. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 6.38 and a beta of 0.71. The stock has a 50 day moving average price of $10.79 and a 200 day moving average price of $10.98. Leggett & Platt, Incorporated has a 52-week low of $7.86 and a 52-week high of $13.00.

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

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were paid a dividend of $0.05 per share. The ex-dividend date was Monday, June 15th. This represents a $0.20 annualized dividend and a dividend yield of 1.9%. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.42%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on LEG. Weiss Ratings raised shares of Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th. Truist Financial lowered their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Finally, Zacks Research raised Leggett & Platt from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Leggett & Platt presently has a consensus rating of “Hold” and a consensus 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.