Leggett & Platt (NYSE:LEG) Stock Price Down 5.5%

Leggett & Platt, Incorporated (NYSE:LEGGet Free Report)’s share price traded down 5.5% on Tuesday . The stock traded as low as $11.36 and last traded at $11.38. 1,109,586 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 2,687,191 shares. The stock had previously closed at $12.04.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Piper Sandler dropped their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. The Goldman Sachs Group dropped their target price on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. TheStreet downgraded shares of Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. StockNews.com cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Wednesday, June 19th. Finally, Truist Financial decreased their price target on shares of Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.33.

Check Out Our Latest Research Report on Leggett & Platt

Leggett & Platt Price 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 company has a market cap of $1.52 billion, a PE ratio of -9.74 and a beta of 1.10. The company’s 50-day simple moving average is $13.30 and its 200 day simple moving average is $19.07.

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

Leggett & Platt Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be given 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 dividend yield of 1.77%. Leggett & Platt’s dividend payout ratio (DPR) is currently -17.24%.

Insider Transactions at Leggett & Platt

In other news, CEO Karl G. Glassman acquired 23,800 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average cost of $11.48 per share, with a total value of $273,224.00. Following the transaction, the chief executive officer now owns 1,151,891 shares in the company, valued at $13,223,708.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Benjamin Michael Burns purchased 3,850 shares of Leggett & Platt stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $12.20 per share, with a total value of $46,970.00. Following the completion of the transaction, the chief financial officer now directly owns 81,362 shares in the company, valued at $992,616.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Karl G. Glassman purchased 23,800 shares of Leggett & Platt stock in a transaction that occurred on Friday, May 31st. The stock was bought at an average cost of $11.48 per share, with a total value of $273,224.00. Following the completion of the transaction, the chief executive officer now owns 1,151,891 shares of the company’s stock, valued at $13,223,708.68. The disclosure for this purchase can be found here. In the last three months, insiders bought 65,635 shares of company stock valued at $773,447. Insiders own 1.92% of the company’s stock.

Institutional Investors Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently bought and sold shares of the stock. TFO Wealth Partners LLC increased its stake in Leggett & Platt by 10,833.3% in the fourth quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock valued at $157,000 after purchasing an additional 650 shares during the period. Ramirez Asset Management Inc. acquired a new position in Leggett & Platt in the third quarter valued at $25,000. Fifth Third Bancorp increased its stake in Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after purchasing an additional 722 shares during the period. GAMMA Investing LLC acquired a new position in Leggett & Platt in the fourth quarter valued at $40,000. Finally, ORG Partners LLC acquired a new position in Leggett & Platt in the fourth quarter valued at $49,000. 64.23% of the stock is owned by hedge funds and other institutional investors.

About Leggett & Platt

(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

Receive News & Ratings for Leggett & Platt Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Leggett & Platt and related companies with MarketBeat.com's FREE daily email newsletter.