The Manufacturers Life Insurance Company Sells 92,644 Shares of Leggett & Platt, Incorporated (NYSE:LEG)

The Manufacturers Life Insurance Company reduced its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG - Free Report) by 81.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,151 shares of the company's stock after selling 92,644 shares during the period. The Manufacturers Life Insurance Company's holdings in Leggett & Platt were worth $242,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of LEG. Vanguard Group Inc. grew its position in shares of Leggett & Platt by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company's stock valued at $340,107,000 after acquiring an additional 49,086 shares during the period. SteelPeak Wealth LLC bought a new position in shares of Leggett & Platt during the 1st quarter valued at approximately $220,000. State of Michigan Retirement System grew its position in shares of Leggett & Platt by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 32,748 shares of the company's stock valued at $627,000 after acquiring an additional 800 shares during the period. Insight Folios Inc lifted its stake in shares of Leggett & Platt by 14.1% during the 1st quarter. Insight Folios Inc now owns 10,693 shares of the company's stock valued at $205,000 after buying an additional 1,319 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Leggett & Platt by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 502,257 shares of the company's stock valued at $9,618,000 after buying an additional 12,827 shares in the last quarter. 64.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. The Goldman Sachs Group dropped their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 10th. Truist Financial upped their price target on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a "hold" rating in a research note on Monday, August 5th. Finally, StockNews.com upgraded shares of Leggett & Platt from a "sell" rating to a "hold" rating in a research note on Wednesday, August 28th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company's stock. Based on data from MarketBeat, Leggett & Platt currently has a consensus rating of "Hold" and an average price target of $12.67.

Leggett & Platt Stock Performance

NYSE LEG opened at $13.56 on Friday. Leggett & Platt, Incorporated has a 1 year low of $10.11 and a 1 year high of $27.58. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.53 and a quick ratio of 0.88. The stock has a market capitalization of $1.82 billion, a PE ratio of -11.69 and a beta of 1.07. The company's 50 day simple moving average is $12.76 and its two-hundred day simple moving average is $13.24.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.29. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 12.65%. The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.13 billion. Analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend was Friday, September 13th. Leggett & Platt's dividend payout ratio is presently -17.24%.

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.