Leggett & Platt (NYSE:LEG) Stock Price Down 5.2% – What’s Next?

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price dropped 5.2% on Tuesday . The company traded as low as $10.49 and last traded at $10.48. Approximately 609,989 shares were traded during trading, a decline of 62% from the average daily volume of 1,593,554 shares. The stock had previously closed at $11.05.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on LEG shares. Piper Sandler raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. The Goldman Sachs Group decreased their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. Finally, Truist Financial dropped their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $12.00.

Leggett & Platt Price Performance

The stock has a market cap of $1.47 billion, a P/E ratio of -1.82 and a beta of 1.11. The business’s 50 day moving average price is $10.80 and its two-hundred day moving average price is $11.98. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13.

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

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Friday, December 13th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.20 annualized dividend and a yield of 1.83%. Leggett & Platt’s payout ratio is -3.33%.

Hedge Funds Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently added to or reduced their stakes in LEG. Allspring Global Investments Holdings LLC grew its position in shares of Leggett & Platt by 76.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock worth $28,000 after buying an additional 884 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Leggett & Platt in the third quarter worth about $29,000. Point72 Hong Kong Ltd bought a new position in shares of Leggett & Platt during the third quarter valued at approximately $37,000. nVerses Capital LLC purchased a new position in shares of Leggett & Platt during the third quarter valued at approximately $41,000. Finally, Brooklyn Investment Group purchased a new position in shares of Leggett & Platt during the third quarter valued at approximately $44,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

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.