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

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

Analyst Upgrades and Downgrades

LEG has been the topic of a number of research reports. Truist Financial boosted their target price on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Monday, August 5th. The Goldman Sachs Group reduced their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Finally, StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Down 0.2 %

The company has a current ratio of 1.53, a quick ratio of 0.88 and a debt-to-equity ratio of 2.55. The stock has a market capitalization of $1.65 billion, a PE ratio of -10.60 and a beta of 1.07. The stock’s fifty day simple moving average is $12.80 and its 200-day simple moving average is $13.03.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, hitting the consensus estimate of $0.29. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 12.65%. As a group, sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm 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. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Friday, September 13th. Leggett & Platt’s payout ratio is -17.24%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its stake in shares of Leggett & Platt by 76.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock worth $28,000 after purchasing an additional 884 shares during the period. CVA Family Office LLC purchased a new stake in Leggett & Platt during the second quarter worth about $36,000. Abich Financial Wealth Management LLC raised its position in Leggett & Platt by 93.2% in the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after acquiring an additional 931 shares during the period. Fifth Third Bancorp boosted its stake in Leggett & Platt by 367.8% in the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock valued at $39,000 after acquiring an additional 2,670 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of Leggett & Platt during the 3rd quarter valued at approximately $41,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

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.