Truist Financial Corp Has $5.07 Million Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Truist Financial Corp decreased its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 11.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 193,875 shares of the company’s stock after selling 25,100 shares during the quarter. Truist Financial Corp owned 0.15% of Leggett & Platt worth $5,074,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its position in shares of Leggett & Platt by 2.9% during the third quarter. Commonwealth Equity Services LLC now owns 294,003 shares of the company’s stock valued at $7,471,000 after buying an additional 8,278 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Leggett & Platt by 15.8% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 61,524 shares of the company’s stock worth $1,563,000 after acquiring an additional 8,372 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Leggett & Platt by 19.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,347 shares of the company’s stock valued at $644,000 after purchasing an additional 4,181 shares during the last quarter. Strs Ohio lifted its position in shares of Leggett & Platt by 17.9% during the third quarter. Strs Ohio now owns 64,448 shares of the company’s stock valued at $1,637,000 after purchasing an additional 9,793 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Leggett & Platt by 41.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,377 shares of the company’s stock worth $365,000 after purchasing an additional 4,186 shares during the last quarter. 64.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on LEG shares. StockNews.com cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. The Goldman Sachs Group dropped their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday. Truist Financial reduced their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research note on Friday. Piper Sandler lowered their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Finally, TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $13.33.

Insider Activity at Leggett & Platt

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the stock in a transaction on Thursday, May 2nd. The shares were purchased at an average price of $13.39 per share, with a total value of $133,900.00. Following the acquisition, the executive vice president now directly owns 41,535 shares in the company, valued at approximately $556,153.65. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.57% of the stock is owned by corporate insiders.

Leggett & Platt Price Performance

Leggett & Platt stock opened at $13.95 on Monday. The company has a current ratio of 1.57, a quick ratio of 0.84 and a debt-to-equity ratio of 1.37. The business’s 50 day simple moving average is $18.63 and its 200 day simple moving average is $22.04. Leggett & Platt, Incorporated has a 12 month low of $11.02 and a 12 month high of $33.11. The company has a market cap of $1.87 billion, a price-to-earnings ratio of -12.03 and a beta of 1.19.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The firm had revenue of $1.10 billion during 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 company’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be given a $0.05 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.43%. Leggett & Platt’s dividend payout ratio (DPR) is presently -158.62%.

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.