Leggett & Platt (NYSE:LEG) Stock Price Down 5% – What’s Next?

Leggett & Platt, Incorporated (NYSE:LEG) shares dropped 5% during mid-day trading on Tuesday . The stock traded as low as $12.34 and last traded at $12.41. Approximately 541,142 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 2,320,350 shares. The stock had previously closed at $13.06.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group decreased their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Truist Financial lifted their target price on shares of Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $12.67.

Leggett & Platt Stock Down 0.2 %

The company has a quick ratio of 0.88, a current ratio of 1.53 and a debt-to-equity ratio of 2.55. The stock has a 50-day simple moving average of $12.80 and a two-hundred day simple moving average of $13.03. The firm has a market cap of $1.65 billion, a PE ratio of -10.60 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.29 EPS for the quarter, meeting the consensus estimate of $0.29. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. 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 was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.20 annualized dividend and a yield of 1.63%. Leggett & Platt’s payout ratio is -17.24%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. grew its holdings in Leggett & Platt by 426.2% in the 2nd quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock worth $160,923,000 after acquiring an additional 11,373,507 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Leggett & Platt by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company’s stock valued at $340,107,000 after buying an additional 49,086 shares during the period. AQR Capital Management LLC raised its holdings in shares of Leggett & Platt by 1,098.0% during the second quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after acquiring an additional 1,838,009 shares in the last quarter. ProShare Advisors LLC lifted its stake in Leggett & Platt by 1.0% in the first quarter. ProShare Advisors LLC now owns 1,284,654 shares of the company’s stock worth $24,601,000 after acquiring an additional 12,502 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Leggett & Platt by 31.0% in the second quarter. Principal Financial Group Inc. now owns 658,117 shares of the company’s stock valued at $7,542,000 after acquiring an additional 155,860 shares in the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

About Leggett & Platt

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.