Leggett & Platt (NYSE:LEG) Trading Down 4.6% – Here’s Why

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price dropped 4.6% during trading on Tuesday . The company traded as low as $8.21 and last traded at $8.18. Approximately 631,762 shares traded hands during trading, a decline of 72% from the average daily volume of 2,279,372 shares. The stock had previously closed at $8.57.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on LEG shares. Truist Financial dropped 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 objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 14th.

Leggett & Platt Trading Up 1.3 %

The firm has a market cap of $1.10 billion, a P/E ratio of -2.19 and a beta of 1.11. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70. The company’s fifty day moving average price is $9.53 and its two-hundred day moving average price is $11.05.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, hitting the consensus estimate 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 analysts’ expectations of $1.03 billion. As a group, sell-side analysts predict that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently disclosed 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 2.45%. The ex-dividend date is Friday, March 14th. Leggett & Platt’s dividend payout ratio is currently -5.36%.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Leggett & Platt during the third quarter valued at approximately $29,000. SRS Capital Advisors Inc. raised its position in Leggett & Platt by 555.8% in the 4th 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 during the last quarter. Point72 Hong Kong Ltd acquired a new position in Leggett & Platt during the 3rd quarter worth $37,000. Brooklyn Investment Group bought a new position in Leggett & Platt in the 3rd quarter valued at $44,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Leggett & Platt in the 4th quarter valued at $50,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

About Leggett & Platt

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.