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Leggett & Platt (LEG)

Leggett & Platt, Inc. engages in the manufacture and distribution of furniture and engineered components; and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding, Flooring & Textile, and Specialized Products. The Bedding Products segment supplies of products and components for the home, including mattress springs and specialty foam, as well as adjustable beds, bedding machinery, steel rod, and drawn wire. The Flooring & Textile Products segment is a producer of an extensive line of components and engineered systems for office, residential, and contract furniture manufacturers. The Specialized Products segment supplies titanium, nickel, and stainless steel tubing for the aerospace industry, and serve the construction market with hydraulic cylinders group. The company was founded J. P. Productsand C. B. Platt in 1883 and is headquartered in Carthage, MO.

Company profile

Ticker
LEG
Exchange
CEO
Karl Glassman
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Administradora Soal S.A. de C.V. • Atlas Spring Manufacturing Corp. • Avica Aerospace Ducting Limited • Buffalo Batt & Felt, LLC • Changshu L&V Automobile Motion Co. Ltd. • Chieng Yeng Ent. Co., Ltd. • Church Corporate Park Owner’s Association, LLC • Crest-Foam Corp. • Industrial Components Group • David Hart Aerospace Pipes Limited ...
IRS number
440324630

LEG stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$39.50
Low target
$36.00
High target
$43.00
Goldman Sachs
Maintains
Buy
$43.00
23 Jun 22
Piper Sandler
Maintains
Neutral
$36.00
14 Jun 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 269.9M 269.9M 269.9M 269.9M 269.9M 269.9M
Cash burn (monthly) 19.13M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 27.85M n/a n/a n/a n/a n/a
Cash remaining 242.05M n/a n/a n/a n/a n/a
Runway (months of cash) 12.7 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Aug 22 Karl G Glassman Common Stock Sell Dispose S No No 40.53 26,401 1.07M 852,950.28
29 Jul 22 Benjamin Michael Burns Common Stock Grant Acquire A Yes No 33.694 5.061 170.54 1,500.207
29 Jul 22 Benjamin Michael Burns Common Stock Grant Acquire A No No 31.712 138.263 4.38K 37,578.319
29 Jul 22 Benjamin Michael Burns Common Stock Grant Acquire A No No 33.694 15.345 517.03 37,440.056
29 Jul 22 J Mitchell Dolloff Common Stock Grant Acquire A No No 31.712 339.595 10.77K 295,451.874
29 Jul 22 J Mitchell Dolloff Common Stock Grant Acquire A No No 33.694 62.146 2.09K 295,112.279
29 Jul 22 Scott S Douglas Common Stock Grant Acquire A No No 31.712 29.981 950.77 80,656.484
29 Jul 22 Scott S Douglas Common Stock Grant Acquire A No No 33.694 26.44 890.87 80,626.503
29 Jul 22 Karl G Glassman Common Stock Grant Acquire A No No 33.694 41.028 1.38K 879,351.28
72.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 430 464 -7.3%
Opened positions 50 77 -35.1%
Closed positions 84 90 -6.7%
Increased positions 164 168 -2.4%
Reduced positions 138 143 -3.5%
13F shares Current Prev Q Change
Total value 4.52B 4.04B +11.6%
Total shares 96.79M 97.85M -1.1%
Total puts 293.6K 377K -22.1%
Total calls 416K 375.3K +10.8%
Total put/call ratio 0.7 1.0 -29.7%
Largest owners Shares Value Change
BLK Blackrock 14.58M $507.23M +2.9%
STT State Street 14.51M $510.66M +35.5%
Vanguard 11.71M $407.34M -3.6%
Charles Schwab Investment Management 4.88M $169.79M +5.8%
BK Bank Of New York Mellon 2.48M $86.37M -14.0%
FMR 2.47M $85.93M +7.3%
USB U.S. Bancorp. 1.93M $67.15M -0.1%
Geode Capital Management 1.74M $60.73M -9.4%
Dimensional Fund Advisors 1.69M $58.87M +3.8%
Epoch Investment Partners 1.63M $56.55M +3.9%
Largest transactions Shares Bought/sold Change
STT State Street 14.51M +3.8M +35.5%
Jane Street 95.76K -2.02M -95.5%
Norges Bank 0 -1.33M EXIT
CFS Investment Advisory Services 1.26M +1.23M +3378.6%
Susquehanna International 22.8K -1.22M -98.2%
MCQEF Macquarie 2.5K -1.16M -99.8%
HRT Financial 9.6K -1.12M -99.1%
Deprince Race & Zollo 1.06M +1.06M NEW
Millennium Management 506.4K -656.52K -56.5%
Renaissance Technologies 713.7K +584.7K +453.3%

Financial report summary

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Competition
ITC
Risks
  • The Russian invasion of Ukraine has caused supply chain disruptions and global inflationary impacts that have had, and could continue to have, a negative effect on the demand for our products and our results of operations.
  • Supply chain disruptions impacting our ability to timely receive competitively-priced raw materials and parts used in our products, or impacting our ability to timely deliver our finished products to customers, may adversely affect our manufacturing processes, financial condition, results of operations, and cash flows.
  • Macro market uncertainties have had, and could further have, an adverse impact on the collection of trade and other notes receivable in accordance with their terms due to customer bankruptcy, financial difficulties, or insolvency.
  • Inflation-impacted raw material and labor costs have negatively affected, and could continue to negatively affect, our profit margins and earnings.
  • Technology failures or cybersecurity breaches could have a material adverse effect on our operations.
  • Climate change transition risks, including change in laws and regulations, and impacts from climate change could negatively impact our business, capital expenditures, results of operations, financial condition, competitive position, and reputation.
  • We are exposed to litigation contingencies that, if realized, could have a material negative impact on our financial condition, results of operations, and cash flows.
Management Discussion
  • Trade Sales were $1,334 million in the current quarter, a 5% increase versus the second quarter 2021. Organic sales increased 5%. Raw material-related selling price increases of 13% were partially offset by volume declines of 6% and currency impact of 2%. Volume was down primarily from demand softness in residential end markets partially offset by growth in industrial end markets and Automotive. Acquisitions, net of divestitures, increased sales less than 1%.
  • EBIT decreased 17%, to $143 million, primarily from the non-recurrence of last year's gain on the sale of real estate associated with our former Fashion Bed business, lower volume, and lower overhead absorption as production and inventory levels were adjusted to meet reduced demand primarily in the Bedding Products segment. These decreases were partially offset by metal margin expansion in our Steel Rod business and pricing discipline in the Furniture, Flooring & Textile Products segment.
  • Earnings Per Share (EPS) decreased to $.70 in the current quarter, versus $.82 in the second quarter of 2021. This decline reflects lower EBIT partially offset by a lower tax rate ($.04/share).

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Good
New words: economy, flat, frequently, geopolitical, highest, instance, nonpayment, outlook, progressed, retire, single, softening, trended, yield
Removed: accelerated, achieve, applied, attention, deleveraging, ECS, enactment, frame, led, longer, mandate, projected, protect, received, returned, sustained

Patents

Utility
Machine For Unstacking Objects
11 Aug 22
A machine (100) for unstacking objects (10) includes a belt mechanism (110, 120, 121, 130) having a conveyor belt (110), a first drive mechanism (115) for driving the conveyor belt (110), a second drive mechanism (120, 121) for shifting the conveyor belt (110) between a forwarded position and a retracted position, and a third drive mechanism (130) for adjusting a height position of the conveyor belt (110).
Utility
Fluid Management System
4 Aug 22
A fluid management system includes a housing with a first port, a second port, and a third port, and a valve body moveable within the housing between a first position and a second position.
Utility
Fiber reinforced flexible foams
2 Aug 22
A flexible foam composition comprising a flexible foam structure comprising a plurality of struts, and a plurality of fibers, where a majority of the fibers are associated with the struts.
Utility
Machine And Method For Roll-Packing Of Mattresses
14 Jul 22
A roll-packing machine (100) is provided with a belt drive mechanism having a closed-loop belt (110).
Utility
Fluid Management System
30 Jun 22
A fluid management system includes a housing having a central manifold in fluid communication with a source of pressurized fluid, a plurality of first ports in communication with the central manifold, a plurality of second ports in communication with the environment surrounding the housing, and a plurality of third ports each configured to be coupled to a vessel for containing the pressurized fluid.