In a recent transaction, Ryan Michael Kleiboecker, Executive Vice President and Chief Strategic Planning Officer at Leggett & Platt Inc. (NYSE:LEG), purchased shares of the company's common stock. The transaction, dated May 2, 2024, involved Kleiboecker acquiring 10,000 shares at a price of $13.39 per share, amounting to a total investment of $133,900.
The acquisition of these shares increases Kleiboecker's direct holdings in Leggett & Platt to 41,535.3301 shares. Additionally, it was noted that there are indirect holdings of 1,000 shares in a spouse's IRA and 824.2938 shares held in trust under the issuer's retirement plan.
This transaction demonstrates a significant investment by a high-ranking executive in Leggett & Platt, a company known for its production of household furniture. Investors often look to such insider purchases as a sign of confidence in the company's future prospects and performance.
Leggett & Platt, headquartered in Carthage, Missouri, has a strong presence in the furniture industry, with a focus on manufacturing and innovation. The recent purchase by Kleiboecker may signal a positive outlook from within the company's leadership regarding its strategic direction and growth potential.
The transaction was formally filed and the details made public on May 3, 2024, providing transparency to shareholders and potential investors about the executive's increased stake in the company.
InvestingPro Insights
Following the news of Executive Vice President Ryan Michael Kleiboecker's recent purchase of Leggett & Platt Inc. (NYSE:LEG) shares, the company's financial health and market performance come into sharper focus. Leggett & Platt, a stalwart in the furniture manufacturing sector, has been navigating market challenges as reflected in some key metrics from InvestingPro.
InvestingPro Data reveals a current market capitalization of $1.87 billion, with a Price to Earnings (P/E) ratio standing at -11.89. This negative P/E ratio suggests that the company has been reporting losses; however, the adjusted P/E ratio for the last twelve months as of Q1 2024 improves to 11.62, indicating expectations of profitability. Despite a revenue decline of -8.52% over the last twelve months as of Q1 2024, the company maintains a Gross Profit Margin of 17.83%, which may signal some resilience in its core operations.
One of the InvestingPro Tips highlights that Leggett & Platt has raised its dividend for 53 consecutive years, showcasing a commitment to returning value to shareholders. Additionally, the company's net income is expected to grow this year, which could be an encouraging sign for investors considering the recent insider purchase as a vote of confidence.
For those interested in gaining deeper insights into Leggett & Platt's financials and market predictions, InvestingPro offers additional tips. Currently, there are 15 more tips available, which can help investors make more informed decisions. To explore these insights, visit https://www.investing.com/pro/LEG and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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