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

Leggett & Platt, Incorporated (NYSE:LEG)’s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $10.08 and last traded at $10.17, with a volume of 1569526 shares. The stock had previously closed at $10.80.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.67.

Leggett & Platt Price Performance

The company has a market cap of $1.30 billion, a PE ratio of -1.61 and a beta of 1.07. The business’s 50 day moving average price is $12.11 and its 200-day moving average price is $12.27. The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the business earned $0.36 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. As a group, analysts forecast that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Friday, December 13th. Leggett & Platt’s dividend payout ratio (DPR) is presently -3.33%.

Institutional Investors Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its position in Leggett & Platt by 76.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after purchasing an additional 884 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Leggett & Platt in the 3rd quarter worth about $29,000. Point72 Hong Kong Ltd acquired a new stake in shares of Leggett & Platt in the 3rd quarter worth about $37,000. Fifth Third Bancorp lifted its position in Leggett & Platt by 367.8% in the 2nd quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock valued at $39,000 after purchasing an additional 2,670 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in Leggett & Platt in the 3rd quarter worth about $41,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

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.