Leggett & Platt (NYSE:LEG) Sets New 52-Week Low – What’s Next?

Leggett & Platt, Incorporated (NYSE:LEG)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $9.16 and last traded at $9.16, with a volume of 974880 shares. The stock had previously closed at $9.41.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Truist Financial decreased 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. The Goldman Sachs Group cut 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. Finally, Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $11.00 to $13.00 in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $12.00.

Leggett & Platt Price Performance

The business’s 50-day simple moving average is $10.08 and its two-hundred day simple moving average is $11.60. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -2.45 and a beta of 1.12. The company has a debt-to-equity ratio of 2.70, a current ratio of 2.00 and a quick ratio of 1.14.

Leggett & Platt (NYSE:LEG) last released its earnings results on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, meeting 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 negative net margin of 11.67% and a positive return on equity of 17.09%. Research analysts expect that Leggett & Platt, Incorporated will post 1.14 earnings per share 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. This represents a $0.20 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, March 14th. Leggett & Platt’s dividend payout ratio (DPR) is currently -5.36%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LEG. Allspring Global Investments Holdings LLC lifted its position in Leggett & Platt by 76.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after acquiring an additional 884 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Leggett & Platt by 34.1% in the third quarter. Sequoia Financial Advisors LLC now owns 13,925 shares of the company’s stock worth $190,000 after buying an additional 3,542 shares in the last quarter. Ballentine Partners LLC purchased a new position in Leggett & Platt during the third quarter valued at approximately $251,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Leggett & Platt by 9.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,730 shares of the company’s stock worth $1,154,000 after purchasing an additional 6,955 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Leggett & Platt by 148.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 39,227 shares of the company’s stock valued at $534,000 after purchasing an additional 23,438 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

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.