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

Shares of Leggett & Platt, Incorporated (NYSE:LEG) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $9.18 and last traded at $9.31, with a volume of 274163 shares changing hands. The stock had previously closed at $9.56.

Analysts Set New Price Targets

Separately, Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Trading Up 1.1 %

The company has a market cap of $1.29 billion, a P/E ratio of -1.60 and a beta of 1.07. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13. The stock’s 50 day moving average is $11.56 and its 200-day moving average is $12.15.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS. Research analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Friday, December 13th. Leggett & Platt’s dividend payout ratio is currently -3.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of LEG. Pacer Advisors Inc. raised its position in Leggett & Platt by 426.2% in the 2nd quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock worth $160,923,000 after buying an additional 11,373,507 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Leggett & Platt by 1,098.0% during the second quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after purchasing an additional 1,838,009 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Leggett & Platt during the third quarter valued at approximately $15,735,000. Invenomic Capital Management LP boosted its holdings in Leggett & Platt by 384.1% in the third quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock worth $12,550,000 after purchasing an additional 731,132 shares during the last quarter. Finally, FMR LLC grew its position in Leggett & Platt by 3,264.5% in the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock worth $9,437,000 after purchasing an additional 672,290 shares during the period. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Company Profile

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.