Leggett & Platt, Incorporated (NYSE:LEG) Short Interest Update

Leggett & Platt, Incorporated (NYSE:LEG) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 11,080,000 shares, an increase of 42.8% from the February 28th total of 7,760,000 shares. Based on an average trading volume of 2,410,000 shares, the days-to-cover ratio is currently 4.6 days. Approximately 8.5% of the shares of the stock are short sold.

Analysts Set New Price Targets

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

Leggett & Platt Stock Down 0.9 %

LEG traded down $0.08 during midday trading on Monday, reaching $7.91. 2,474,971 shares of the company were exchanged, compared to its average volume of 2,429,162. The company’s fifty day moving average price is $9.37 and its 200 day moving average price is $10.97. Leggett & Platt has a one year low of $7.74 and a one year high of $19.33. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -2.12 and a beta of 1.11. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Thursday, February 13th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting 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 firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.03 billion. As a group, analysts expect that Leggett & Platt will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Friday, March 14th. Leggett & Platt’s dividend payout ratio is presently -5.36%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LEG. CIBC Asset Management Inc lifted its position in shares of Leggett & Platt by 7.7% during the 4th quarter. CIBC Asset Management Inc now owns 13,986 shares of the company’s stock valued at $134,000 after buying an additional 1,001 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Leggett & Platt by 17.1% during the fourth quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock valued at $77,000 after purchasing an additional 1,163 shares during the last quarter. Swiss National Bank lifted its holdings in Leggett & Platt by 0.8% during the fourth quarter. Swiss National Bank now owns 263,900 shares of the company’s stock valued at $2,533,000 after purchasing an additional 2,100 shares during the last quarter. Deutsche Bank AG boosted its position in Leggett & Platt by 3.2% during the fourth quarter. Deutsche Bank AG now owns 67,319 shares of the company’s stock worth $646,000 after purchasing an additional 2,109 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Leggett & Platt in the third quarter worth about $29,000. 64.23% of the stock is owned by 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.