Leggett & Platt (NYSE:LEG) Trading Down 5.2% – Time to Sell?

Leggett & Platt, Incorporated (NYSE:LEG) shares fell 5.2% on Tuesday . The company traded as low as $10.49 and last traded at $10.48. 609,989 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,593,554 shares. The stock had previously closed at $11.05.

Analysts Set New Price Targets

Several equities research analysts have weighed in on LEG shares. Piper Sandler raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and increased their price target for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. The Goldman Sachs Group cut their target price 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. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $12.67.

Leggett & Platt Stock Performance

The business has a 50-day moving average of $10.82 and a 200 day moving average of $11.99. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84. The company has a market cap of $1.41 billion, a PE ratio of -1.74 and a beta of 1.11.

Leggett & Platt (NYSE:LEG) last issued its quarterly 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). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. The company’s revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 EPS. Equities research analysts anticipate that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Friday, December 13th. Leggett & Platt’s dividend payout ratio is currently -3.33%.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently bought and sold shares of LEG. PEAK6 Investments LLC bought a new position in shares of Leggett & Platt during the 3rd quarter valued at approximately $1,067,000. Verition Fund Management LLC lifted its position in Leggett & Platt by 649.6% during the third quarter. Verition Fund Management LLC now owns 97,675 shares of the company’s stock valued at $1,330,000 after purchasing an additional 84,645 shares during the last quarter. FMR LLC grew its stake in shares of 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 buying an additional 672,290 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Leggett & Platt by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 581,665 shares of the company’s stock valued at $7,922,000 after buying an additional 160,104 shares in the last quarter. Finally, Centiva Capital LP bought a new position in shares of Leggett & Platt in the 3rd quarter valued at about $654,000. 64.23% of the stock is owned by institutional investors.

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.