Leggett & Platt (NYSE:LEG) Trading Down 5.2% – What’s Next?

Leggett & Platt, Incorporated (NYSE:LEG)’s share price dropped 5.2% on Tuesday . The stock traded as low as $10.49 and last traded at $10.48. Approximately 609,989 shares traded hands during trading, a decline of 62% from the average daily volume of 1,593,554 shares. The stock had previously closed at $11.05.

Analyst Upgrades and Downgrades

LEG has been the topic of several research analyst reports. Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. The Goldman Sachs Group dropped their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Leggett & Platt has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt Trading Down 5.3 %

The company’s fifty day moving average is $10.82 and its 200-day moving average is $11.99. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84. The company has a market capitalization of $1.41 billion, a PE ratio of -1.74 and a beta of 1.11.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The company’s revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, analysts anticipate that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th were issued a $0.05 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.91%. Leggett & Platt’s dividend payout ratio is presently -3.33%.

Hedge Funds Weigh In On Leggett & Platt

A number of large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its position in Leggett & Platt by 76.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock worth $28,000 after acquiring an additional 884 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Leggett & Platt in the third quarter valued at approximately $29,000. Point72 Hong Kong Ltd acquired a new position in Leggett & Platt in the 3rd quarter worth approximately $37,000. nVerses Capital LLC purchased a new position in Leggett & Platt during the 3rd quarter worth approximately $41,000. Finally, Brooklyn Investment Group acquired a new stake in Leggett & Platt during the 3rd quarter valued at approximately $44,000. 64.23% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

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 Products, Specialized Products, and Furniture, Flooring & Textile Products.