Leggett & Platt (NYSE:LEG) Sets New 1-Year Low – What’s Next?

Leggett & Platt, Incorporated (NYSE:LEG)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $6.66 and last traded at $6.88, with a volume of 602717 shares traded. The stock had previously closed at $6.84.

Wall Street Analyst Weigh In

Several analysts recently weighed in on LEG shares. Truist Financial reduced 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 reduced their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $9.00 price objective (down from $12.00) on shares of Leggett & Platt in a research report on Friday.

Leggett & Platt Stock Down 1.7 %

The firm has a 50-day moving average price of $8.63 and a two-hundred day moving average price of $10.55. The firm has a market cap of $920.50 million, a price-to-earnings ratio of -1.83 and a beta of 0.98. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. On average, sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be given a $0.05 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.20 dividend on an annualized basis and a yield of 2.93%. Leggett & Platt’s dividend payout ratio (DPR) is presently -5.36%.

Hedge Funds Weigh In On Leggett & Platt

Large investors have recently bought and sold shares of the stock. SRS Capital Advisors Inc. increased its position in shares of Leggett & Platt by 555.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company’s stock worth $30,000 after purchasing an additional 2,629 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Leggett & Platt during the 4th quarter worth approximately $50,000. KBC Group NV increased its position in Leggett & Platt by 74.5% during the fourth quarter. KBC Group NV now owns 7,028 shares of the company’s stock worth $67,000 after buying an additional 3,000 shares during the period. Sterling Capital Management LLC lifted its stake in Leggett & Platt by 17.1% in the fourth quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock valued at $77,000 after buying an additional 1,163 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Leggett & Platt by 461.6% in the fourth quarter. Blue Trust Inc. now owns 9,688 shares of the company’s stock valued at $93,000 after acquiring an additional 7,963 shares during the period. Institutional investors and hedge funds 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.