Sen. Gary C. Peters Sells Leggett & Platt, Incorporated (NYSE:LEG) Shares

Senator Gary C. Peters (D-Michigan) recently sold shares of Leggett & Platt, Incorporated (NYSE:LEG). In a filing disclosed on November 14th, the Senator disclosed that they had sold between $1,001 and $15,000 in Leggett & Platt stock on October 31st.

Senator Gary C. Peters also recently made the following trade(s):

• Sold $1,001 – $15,000 in shares of Lamb Weston (NYSE:LW) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of Invesco (NYSE:IVZ) on 10/17/2024.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $11.82 on Friday. The firm has a 50 day moving average of $12.71 and a two-hundred day moving average of $12.33. The stock has a market capitalization of $1.59 billion, a PE ratio of -1.97 and a beta of 1.07. The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. Leggett & Platt, Incorporated has a 52 week low of $10.11 and a 52 week high of $27.58.

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

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.69%. Leggett & Platt’s dividend payout ratio (DPR) is presently -3.33%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Leggett & Platt

Several hedge funds have recently added to or reduced their stakes in LEG. Pacer Advisors Inc. lifted its position in shares of Leggett & Platt by 426.2% during the 2nd quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock worth $160,923,000 after buying an additional 11,373,507 shares during the last quarter. AQR Capital Management LLC lifted its position in Leggett & Platt by 1,098.0% in the second quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after acquiring an additional 1,838,009 shares during the last quarter. Wellington Management Group LLP acquired a new position in Leggett & Platt in the third quarter valued at $15,735,000. Invenomic Capital Management LP grew its holdings in shares of Leggett & Platt by 384.1% during the third quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock worth $12,550,000 after purchasing an additional 731,132 shares during the last quarter. Finally, FMR LLC increased its position in shares of Leggett & Platt by 3,264.5% during the third quarter. FMR LLC now owns 692,884 shares of the company’s stock worth $9,437,000 after purchasing an additional 672,290 shares in the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

About Senator Peters

Gary Peters (Democratic Party) is a member of the U.S. Senate from Michigan. He assumed office on January 3, 2015. His current term ends on January 3, 2027. Peters (Democratic Party) ran for re-election to the U.S. Senate to represent Michigan. He won in the general election on November 3, 2020. Peters completed Ballotpedia’s Candidate Connection survey in 2020. Click here to read the survey answers. Peters was elected to the Senate in 2014. On May 1, 2013, Peters announced he would seek election to the United States Senate seat that was being vacated in 2014 by retiring Michigan Sen. Carl Levin. Peters ran unopposed in the Democratic primary on August 5, 2014, before he defeated Terri Lynn Land (R), Jim Fulner (Libertarian), Richard Matkin (U.S. Taxpayers), and Chris Wahmhoff (Green) in the general election on November 4, 2014. Peters was previously a member of the U.S. House of Representatives representing Michigan’s 9th Congressional District from 2009 to 2013 and Michigan’s 14th Congressional District from 2013 to 2015. He also served as Commissioner of the Michigan Lottery from 2003 to 2007. As of a 2014 analysis of multiple outside rankings, Peters is an average Democratic member of Congress, meaning he will vote with the Democratic Party on the majority of bills. On January 28, 2021, Senate Majority Leader Chuck Schumer (D-N.Y.) appointed Peters to head the Democratic Senatorial Campaign Committee for the 2022 campaign cycle. Peters was born in 1958 in Pontiac, Michigan. After graduating from Alma College in 1980, Peters went on to receive his M.B.A. from the University of Detroit and his J.D. from Wayne State University in 1985 and 1989, respectively. Prior to his political career, Peters worked as a professor and investment banker. He also served in the United States Naval Reserve from 1993 to 2000 and from 2001 to 2005.

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.