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

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $8.25 and last traded at $8.27, with a volume of 2848111 shares traded. The stock had previously closed at $8.62.

Analyst Ratings Changes

LEG has been the topic of several research reports. The Goldman Sachs Group cut their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th. Truist Financial cut their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.00.

Leggett & Platt Stock Down 4.1 %

The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -2.22 and a beta of 1.11. The business’s 50 day moving average price is $9.96 and its 200 day moving average price is $11.43. 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 (NYSE:LEG) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.21 EPS for the quarter, hitting analysts’ consensus estimates of $0.21. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. On average, equities analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be paid a $0.05 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.20 dividend on an annualized basis and a yield of 2.42%. Leggett & Platt’s dividend payout ratio is currently -5.36%.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc grew its stake in Leggett & Platt by 7.7% in the 4th quarter. CIBC Asset Management Inc now owns 13,986 shares of the company’s stock valued at $134,000 after acquiring an additional 1,001 shares during the period. Sterling Capital Management LLC grew its stake in Leggett & Platt by 17.1% in the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock valued at $77,000 after acquiring an additional 1,163 shares during the period. Swiss National Bank grew its stake in Leggett & Platt by 0.8% in the 4th quarter. Swiss National Bank now owns 263,900 shares of the company’s stock valued at $2,533,000 after acquiring an additional 2,100 shares during the period. Deutsche Bank AG grew its stake in Leggett & Platt by 3.2% in the 4th quarter. Deutsche Bank AG now owns 67,319 shares of the company’s stock valued at $646,000 after acquiring an additional 2,109 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Leggett & Platt in the 3rd quarter valued at $29,000. 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.