Leggett & Platt (NYSE:LEG) Reaches New 12-Month Low – What’s Next?

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $10.08 and last traded at $10.17, with a volume of 1569526 shares. The stock had previously closed at $10.80.

Analyst Ratings Changes

LEG has been the topic of several research analyst reports. 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 report on Wednesday, October 30th. StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Price Performance

The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. The stock’s 50 day moving average price is $12.11 and its two-hundred day moving average price is $12.27. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -1.61 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) 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 analyst estimates of $1.10 billion. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. Analysts anticipate that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be issued a $0.05 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.20 annualized dividend and a yield of 2.06%. Leggett & Platt’s dividend payout ratio (DPR) is currently -3.33%.

Institutional Trading of Leggett & Platt

Several large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its position in shares of Leggett & Platt by 76.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after purchasing an additional 884 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Leggett & Platt in the 3rd quarter valued at approximately $29,000. Point72 Hong Kong Ltd acquired a new stake in Leggett & Platt in the 3rd quarter valued at approximately $37,000. Fifth Third Bancorp increased its position in Leggett & Platt by 367.8% in the 2nd quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock worth $39,000 after buying an additional 2,670 shares during the period. Finally, nVerses Capital LLC acquired a new position in shares of Leggett & Platt during the third quarter worth approximately $41,000. 64.23% of the stock is owned by 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.