Leggett & Platt (NYSE:LEG) Trading Up 6.3% – Here’s What Happened

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price shot up 6.3% during trading on Monday . The company traded as high as $12.44 and last traded at $12.39. 121,540 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 2,254,911 shares. The stock had previously closed at $11.66.

Analysts Set New Price Targets

LEG has been the topic of several recent research reports. Piper Sandler upgraded shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their target price for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Truist Financial increased their price target on Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a report on Monday, August 5th. Finally, StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.67.

Leggett & Platt Stock Performance

The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. The business has a 50 day moving average price of $12.67 and a 200 day moving average price of $12.25. The stock has a market cap of $1.69 billion, a P/E ratio of -2.08 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last released its earnings results on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 EPS. As a group, sell-side analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be given a $0.05 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 annualized dividend and a yield of 1.59%. Leggett & Platt’s dividend payout ratio (DPR) is -3.33%.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Wedmont Private Capital purchased a new position in Leggett & Platt during the second quarter valued at approximately $770,000. Seven Eight Capital LP bought a new stake in Leggett & Platt during the second quarter valued at about $1,948,000. Sequoia Financial Advisors LLC purchased a new position in Leggett & Platt in the second quarter valued at about $119,000. Maryland State Retirement & Pension System raised its holdings in Leggett & Platt by 446.8% in the second quarter. Maryland State Retirement & Pension System now owns 57,193 shares of the company’s stock worth $655,000 after purchasing an additional 46,733 shares in the last quarter. Finally, Prevail Innovative Wealth Advisors LLC bought a new stake in shares of Leggett & Platt in the 2nd quarter valued at about $1,322,000. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Company Profile

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.