Cubic Asset Management LLC Decreases Stock Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Cubic Asset Management LLC reduced its holdings in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 1.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 74,151 shares of the company’s stock after selling 715 shares during the period. Cubic Asset Management LLC’s holdings in Leggett & Platt were worth $1,941,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Point72 Asset Management L.P. purchased a new stake in Leggett & Platt during the second quarter worth approximately $28,000. Ramirez Asset Management Inc. purchased a new stake in Leggett & Platt during the third quarter worth approximately $25,000. Fifth Third Bancorp boosted its stake 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 purchasing an additional 722 shares during the period. Quent Capital LLC boosted its stake in shares of Leggett & Platt by 133.6% in the third quarter. Quent Capital LLC now owns 1,014 shares of the company’s stock valued at $26,000 after purchasing an additional 580 shares during the period. Finally, Industrial Alliance Investment Management Inc. purchased a new position in shares of Leggett & Platt in the fourth quarter valued at $48,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Truist Financial decreased their target price on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, March 26th. TheStreet downgraded shares of Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Finally, StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to data from MarketBeat, Leggett & Platt presently has an average rating of “Hold” and an average price target of $19.33.

Leggett & Platt Stock Down 0.3 %

LEG traded down $0.06 during trading on Friday, hitting $18.69. The company had a trading volume of 1,345,016 shares, compared to its average volume of 2,023,310. The company has a market cap of $2.50 billion, a PE ratio of -18.69 and a beta of 1.17. The business has a 50-day moving average of $20.33 and a 200-day moving average of $23.11. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.49 and a quick ratio of 0.84. Leggett & Platt, Incorporated has a 1-year low of $17.81 and a 1-year high of $33.50.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Friday, February 9th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01). The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The company’s revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. As a group, analysts forecast that Leggett & Platt, Incorporated will post 1.17 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 15th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.84 annualized dividend and a yield of 9.84%. Leggett & Platt’s dividend payout ratio is presently -184.00%.

Leggett & Platt Profile

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.