Leggett & Platt (NYSE:LEG) Shares Down 5%

Leggett & Platt, Incorporated (NYSE:LEGGet Free Report) shares dropped 5% during trading on Tuesday . The company traded as low as $11.31 and last traded at $11.31. Approximately 1,274,735 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 1,958,961 shares. The stock had previously closed at $11.90.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Tuesday, May 7th. Truist Financial cut their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Piper Sandler reduced their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Finally, The Goldman Sachs Group lowered their target price on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $13.33.

Read Our Latest Stock Analysis on LEG

Leggett & Platt Stock Performance

The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57. The stock’s 50-day moving average is $16.56 and its 200-day moving average is $21.04.

Leggett & Platt (NYSE:LEGGet Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the business posted $0.39 EPS. The company’s revenue was down 9.6% on a year-over-year basis. On average, equities research analysts expect that Leggett & Platt, Incorporated will post 1.13 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 annualized dividend and a yield of 1.78%. Leggett & Platt’s dividend payout ratio (DPR) is currently -158.62%.

Insiders Place Their Bets

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average cost of $13.39 per share, with a total value of $133,900.00. Following the transaction, the executive vice president now directly owns 41,535 shares in the company, valued at approximately $556,153.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Leggett & Platt

Several institutional investors have recently bought and sold shares of LEG. Private Advisor Group LLC raised its holdings in Leggett & Platt by 8.6% during the 4th quarter. Private Advisor Group LLC now owns 19,610 shares of the company’s stock valued at $513,000 after acquiring an additional 1,551 shares during the period. Vanguard Group Inc. lifted its stake in Leggett & Platt by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,946,981 shares of the company’s stock worth $328,983,000 after purchasing an additional 117,499 shares in the last quarter. South Dakota Investment Council boosted its holdings in Leggett & Platt by 52.9% in the 4th quarter. South Dakota Investment Council now owns 145,846 shares of the company’s stock valued at $3,817,000 after purchasing an additional 50,438 shares during the period. Fifth Third Bancorp grew its position in shares of Leggett & Platt by 253.3% during the 4th quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after purchasing an additional 722 shares in the last quarter. Finally, Pacer Advisors Inc. increased its holdings in shares of Leggett & Platt by 68.5% in the fourth quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock worth $50,636,000 after purchasing an additional 786,297 shares during the period. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Company Profile

(Get Free Report)

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.

Further Reading

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