Intact Investment Management Inc. Takes $2.98 Million Position in Leggett & Platt, Incorporated (NYSE:LEG)

Intact Investment Management Inc. bought a new stake in Leggett & Platt, Incorporated (NYSE:LEG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 113,800 shares of the company’s stock, valued at approximately $2,978,000. Intact Investment Management Inc. owned 0.09% of Leggett & Platt at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEG. CWM LLC increased its stake in Leggett & Platt by 16.4% during the 3rd quarter. CWM LLC now owns 4,818 shares of the company’s stock worth $122,000 after buying an additional 678 shares during the period. AE Wealth Management LLC boosted its holdings in shares of Leggett & Platt by 33.0% in the 3rd quarter. AE Wealth Management LLC now owns 17,765 shares of the company’s stock valued at $451,000 after buying an additional 4,406 shares during the period. Exchange Traded Concepts LLC acquired a new position in shares of Leggett & Platt in the 3rd quarter valued at about $116,000. Handelsbanken Fonder AB boosted its holdings in shares of Leggett & Platt by 7.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 27,700 shares of the company’s stock valued at $704,000 after buying an additional 2,000 shares during the period. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of Leggett & Platt by 2.9% in the 3rd 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 period. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Analysts Set New Price Targets

LEG has been the subject of several research reports. TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Truist Financial decreased their price target on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, March 26th. Finally, StockNews.com lowered 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 issued a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $19.33.

Leggett & Platt Stock Performance

Leggett & Platt stock traded up $0.03 during midday trading on Friday, reaching $17.99. 1,510,890 shares of the stock traded hands, compared to its average volume of 1,482,541. The company has a current ratio of 1.49, a quick ratio of 0.84 and a debt-to-equity ratio of 1.26. The firm has a fifty day moving average price of $19.12 and a two-hundred day moving average price of $22.39. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -17.99 and a beta of 1.17. Leggett & Platt, Incorporated has a fifty-two week low of $17.19 and a fifty-two week high of $33.50.

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

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were given a dividend of $0.46 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 10.23%. Leggett & Platt’s dividend payout ratio (DPR) is -184.00%.

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.