Leggett & Platt (NYSE:LEG) Stock Price Down 4.6% – Should You Sell?

Leggett & Platt, Incorporated (NYSE:LEG)’s share price dropped 4.6% on Tuesday . The stock traded as low as $8.21 and last traded at $8.18. Approximately 631,762 shares were traded during trading, a decline of 72% from the average daily volume of 2,279,372 shares. The stock had previously closed at $8.57.

Wall Street Analysts Forecast Growth

LEG has been the topic of several research reports. Truist Financial reduced their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th. 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.

Leggett & Platt Trading Down 6.1 %

The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70. The stock has a market capitalization of $1.08 billion, a P/E ratio of -2.16 and a beta of 1.11. The company has a 50-day moving average price of $9.63 and a 200 day moving average price of $11.09.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.03 billion. On average, research analysts forecast that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, March 14th. This represents a $0.20 annualized dividend and a dividend yield of 2.48%. Leggett & Platt’s dividend payout ratio is presently -5.36%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in Leggett & Platt by 3.0% in the fourth quarter. Wellington Management Group LLP now owns 1,190,258 shares of the company’s stock worth $11,426,000 after acquiring an additional 34,972 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Leggett & Platt by 114.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 84,103 shares of the company’s stock worth $807,000 after purchasing an additional 44,876 shares in the last quarter. PharVision Advisers LLC purchased a new stake in Leggett & Platt during the 4th quarter worth approximately $467,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Leggett & Platt by 13.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 440,909 shares of the company’s stock valued at $4,233,000 after purchasing an additional 51,841 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Leggett & Platt by 49.6% in the fourth quarter. Squarepoint Ops LLC now owns 345,589 shares of the company’s stock worth $3,318,000 after buying an additional 114,536 shares during the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

About Leggett & Platt

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.