Hudson Bay Capital Management LP reduced its holdings in Leggett & Platt, Incorporated (NYSE:LEG) by 77.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,786 shares of the company’s stock after selling 130,280 shares during the quarter. Hudson Bay Capital Management LP’s holdings in Leggett & Platt were worth $1,674,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. FMR LLC boosted its holdings in Leggett & Platt by 24.5% in the first quarter. FMR LLC now owns 54,615 shares of the company’s stock worth $2,306,000 after acquiring an additional 10,765 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Leggett & Platt in the third quarter worth $64,000. Truist Financial Corp boosted its holdings in Leggett & Platt by 4.4% in the third quarter. Truist Financial Corp now owns 137,725 shares of the company’s stock worth $5,670,000 after acquiring an additional 5,810 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in Leggett & Platt by 1.7% in the third quarter. Public Sector Pension Investment Board now owns 16,076 shares of the company’s stock worth $662,000 after acquiring an additional 261 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in Leggett & Platt in the third quarter worth $791,000. Hedge funds and other institutional investors own 71.88% of the company’s stock.
LEG has been the topic of several analyst reports. Zacks Investment Research downgraded Leggett & Platt from a “hold” rating to a “sell” rating and set a $45.00 target price on the stock. in a report on Monday, February 8th. Raymond James cut Leggett & Platt from a “strong-buy” rating to an “outperform” rating and set a $48.00 price target for the company. in a research note on Wednesday, February 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $44.40.
Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Sunday, February 7th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Leggett & Platt had a return on equity of 21.93% and a net margin of 5.45%. Leggett & Platt’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.27 earnings per share. As a group, sell-side analysts predict that Leggett & Platt, Incorporated will post 2.07 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Monday, March 15th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date is Friday, March 12th. Leggett & Platt’s payout ratio is 62.26%.
In other news, Director Phoebe A. Wood sold 10,346 shares of the company’s stock in a transaction dated Thursday, February 18th. The stock was sold at an average price of $41.42, for a total value of $428,531.32. Following the completion of the transaction, the director now owns 48,257 shares of the company’s stock, valued at $1,998,804.94. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.53% of the company’s stock.
Leggett & Platt Profile
Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to shape wires into innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.
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