Leggett & Platt (NYSE:LEG) Hits New 52-Week Low – Here’s Why

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $8.48 and last traded at $8.58, with a volume of 3221800 shares. The stock had previously closed at $8.90.

Wall Street Analysts Forecast Growth

LEG has been the subject of several analyst reports. Truist Financial lowered their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, January 29th. The Goldman Sachs Group lowered their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat, Leggett & Platt has a consensus rating of “Hold” and an average price target of $12.00.

Leggett & Platt Stock Performance

The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -2.30 and a beta of 1.12. The stock’s fifty day moving average is $10.04 and its 200-day moving average is $11.53. The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.21. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. On average, analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS 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 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, March 14th. Leggett & Platt’s payout ratio is currently -5.36%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LEG. Allspring Global Investments Holdings LLC lifted its stake in 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 buying an additional 884 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Leggett & Platt by 148.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 39,227 shares of the company’s stock worth $534,000 after purchasing an additional 23,438 shares in the last quarter. First Trust Direct Indexing L.P. bought a new stake in shares of Leggett & Platt in the third quarter worth $273,000. Janney Montgomery Scott LLC lifted its position in shares of Leggett & Platt by 5.3% in the third quarter. Janney Montgomery Scott LLC now owns 87,882 shares of the company’s stock worth $1,197,000 after purchasing an additional 4,442 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Leggett & Platt in the third quarter worth $2,089,000. Institutional investors own 64.23% of the company’s stock.

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.