Leggett & Platt, Incorporated (NYSE:LEG) Sees Significant Increase in Short Interest

Leggett & Platt, Incorporated (NYSE:LEG) was the recipient of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 7,760,000 shares, an increase of 27.6% from the February 13th total of 6,080,000 shares. Currently, 5.9% of the company’s shares are sold short. Based on an average trading volume of 2,060,000 shares, the short-interest ratio is currently 3.8 days.

Leggett & Platt Stock Down 0.3 %

Shares of NYSE:LEG traded down $0.03 during mid-day trading on Monday, reaching $8.09. 1,432,352 shares of the stock were exchanged, compared to its average volume of 2,209,864. The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70. The company has a market cap of $1.09 billion, a P/E ratio of -2.17 and a beta of 1.11. Leggett & Platt has a one year low of $7.92 and a one year high of $19.33. The stock’s 50 day simple moving average is $9.82 and its 200-day simple moving average is $11.27.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.03 billion. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. As a group, equities research analysts predict that Leggett & Platt will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.20 dividend on an annualized basis and a yield of 2.47%. Leggett & Platt’s dividend payout ratio is -5.36%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in Leggett & Platt in the third quarter valued at approximately $29,000. Point72 Hong Kong Ltd bought a new position in Leggett & Platt in the third quarter valued at approximately $37,000. SRS Capital Advisors Inc. grew its stake in Leggett & Platt by 555.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company’s stock valued at $30,000 after purchasing an additional 2,629 shares in the last quarter. Brooklyn Investment Group bought a new position in Leggett & Platt in the third quarter valued at approximately $44,000. Finally, SBI Securities Co. Ltd. bought a new position in Leggett & Platt in the fourth quarter valued at approximately $50,000. 64.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on LEG shares. Truist Financial decreased their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, January 29th. The Goldman Sachs Group decreased their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th.

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.