Leggett & Platt, Incorporated (NYSE:LEG) Sees Significant Decrease in Short Interest

Leggett & Platt, Incorporated (NYSE:LEG) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 8,680,000 shares, a drop of 21.7% from the March 15th total of 11,080,000 shares. Approximately 6.6% of the shares of the company are short sold. Based on an average daily trading volume, of 2,540,000 shares, the short-interest ratio is presently 3.4 days.

Leggett & Platt Stock Performance

Leggett & Platt stock traded up $0.30 during mid-day trading on Friday, reaching $6.86. The company’s stock had a trading volume of 2,421,375 shares, compared to its average volume of 2,507,181. The firm’s fifty day moving average price is $8.29 and its two-hundred day moving average price is $10.31. 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 has a 12-month low of $6.48 and a 12-month high of $18.49. The company has a market capitalization of $923.87 million, a P/E ratio of -1.84 and a beta of 0.98.

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

Leggett & Platt Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.20 annualized dividend and a dividend yield of 2.92%. Leggett & Platt’s dividend payout ratio (DPR) is presently -5.36%.

Analyst Ratings Changes

A number of research analysts have weighed in on LEG shares. Truist Financial dropped their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, January 29th. The Goldman Sachs Group decreased their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Finally, Piper Sandler reiterated a “neutral” rating and set a $9.00 price target (down previously from $12.00) on shares of Leggett & Platt in a research note on Friday, April 11th.

Institutional Trading of Leggett & Platt

A number of hedge funds have recently bought and sold shares of LEG. Stifel Financial Corp lifted its holdings in shares of Leggett & Platt by 3.9% in the 3rd quarter. Stifel Financial Corp now owns 84,996 shares of the company’s stock worth $1,158,000 after acquiring an additional 3,202 shares during the last quarter. XTX Topco Ltd purchased a new stake in Leggett & Platt during the third quarter valued at about $234,000. Geode Capital Management LLC grew its stake in shares of Leggett & Platt by 2.9% during the third quarter. Geode Capital Management LLC now owns 2,156,322 shares of the company’s stock valued at $29,377,000 after buying an additional 60,166 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Leggett & Platt by 38.0% in the third quarter. JPMorgan Chase & Co. now owns 581,665 shares of the company’s stock worth $7,922,000 after buying an additional 160,104 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Leggett & Platt by 2,069.7% during the 4th quarter. GAMMA Investing LLC now owns 12,302 shares of the company’s stock valued at $118,000 after acquiring an additional 11,735 shares during the period. Institutional investors 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.