Leggett & Platt (NYSE:LEG) Sees Strong Trading Volume – Time to Buy?

Leggett & Platt, Incorporated (NYSE:LEG) shares saw strong trading volume on Wednesday . Approximately 5,865,433 shares changed hands during mid-day trading, an increase of 150% from the previous session’s volume of 2,348,399 shares.The stock last traded at $9.27 and had previously closed at $9.32.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Truist Financial lowered their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Weiss Ratings downgraded Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. Zacks Research raised shares of Leggett & Platt from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 19th. Finally, Piper Sandler cut their target price on shares of Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $10.67.

Leggett & Platt Stock Performance

The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.53 and a current ratio of 2.35. The firm has a market capitalization of $1.25 billion, a PE ratio of 5.87 and a beta of 0.73. The firm’s 50 day moving average price is $10.50 and its 200-day moving average price is $10.58.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.13. The firm had revenue of $999.70 million during the quarter, compared to analyst estimates of $982.86 million. Leggett & Platt had a return on equity of 13.31% and a net margin of 5.64%.Leggett & Platt’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.30 EPS. On average, research analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, August 10th. Leggett & Platt’s dividend payout ratio is presently 12.82%.

Institutional Investors Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Leggett & Platt during the 2nd quarter worth about $265,194,000. Vanguard Group Inc. boosted its holdings in Leggett & Platt by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock worth $208,890,000 after buying an additional 282,940 shares during the last quarter. Empowered Funds LLC increased its stake in Leggett & Platt by 50.7% during the 1st quarter. Empowered Funds LLC now owns 1,083,983 shares of the company’s stock worth $10,710,000 after buying an additional 364,544 shares in the last quarter. Sei Investments Co. increased its stake in Leggett & Platt by 79.4% during the 1st quarter. Sei Investments Co. now owns 391,653 shares of the company’s stock worth $3,870,000 after buying an additional 173,306 shares in the last quarter. Finally, Invenomic Capital Management LP raised its holdings in shares of Leggett & Platt by 4.0% during the fourth quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock valued at $26,813,000 after acquiring an additional 93,213 shares during the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.