Daiwa Securities Group Inc. Sells 1,510 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

Daiwa Securities Group Inc. cut its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 4.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,343 shares of the company’s stock after selling 1,510 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Leggett & Platt were worth $454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wedmont Private Capital purchased a new stake in Leggett & Platt during the second quarter valued at about $770,000. Seven Eight Capital LP bought a new stake in Leggett & Platt in the 2nd quarter worth approximately $1,948,000. Sequoia Financial Advisors LLC purchased a new stake in Leggett & Platt in the second quarter worth approximately $119,000. Maryland State Retirement & Pension System grew its position in Leggett & Platt by 446.8% during the second quarter. Maryland State Retirement & Pension System now owns 57,193 shares of the company’s stock valued at $655,000 after acquiring an additional 46,733 shares during the last quarter. Finally, Prevail Innovative Wealth Advisors LLC purchased a new position in shares of Leggett & Platt during the second quarter worth approximately $1,322,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

Leggett & Platt stock opened at $12.59 on Friday. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13. The firm has a market cap of $1.69 billion, a P/E ratio of -2.09 and a beta of 1.07. Leggett & Platt, Incorporated has a 1-year low of $10.11 and a 1-year high of $27.58. The firm has a 50-day moving average of $12.62 and a 200-day moving average of $12.26.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS. Sell-side analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be given a $0.05 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.59%. Leggett & Platt’s dividend payout ratio is -3.33%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $11.00 to $13.00 in a report on Wednesday, October 30th. Finally, Truist Financial increased their target price on Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.67.

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.