Short Interest in Leggett & Platt, Incorporated (NYSE:LEG) Rises By 42.8%

Leggett & Platt, Incorporated (NYSE:LEG) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 11,080,000 shares, an increase of 42.8% from the February 28th total of 7,760,000 shares. Based on an average trading volume of 2,410,000 shares, the short-interest ratio is presently 4.6 days. Currently, 8.5% of the company’s stock are sold short.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its position in Leggett & Platt by 3.0% in the 4th quarter. Wellington Management Group LLP now owns 1,190,258 shares of the company’s stock worth $11,426,000 after purchasing an additional 34,972 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Leggett & Platt by 114.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 84,103 shares of the company’s stock worth $807,000 after buying an additional 44,876 shares in the last quarter. PharVision Advisers LLC bought a new stake in Leggett & Platt during the 4th quarter valued at $467,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Leggett & Platt by 13.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 440,909 shares of the company’s stock worth $4,233,000 after acquiring an additional 51,841 shares during the period. Finally, Squarepoint Ops LLC grew its stake in shares of Leggett & Platt by 49.6% in the fourth quarter. Squarepoint Ops LLC now owns 345,589 shares of the company’s stock worth $3,318,000 after purchasing an additional 114,536 shares in the last quarter. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

Shares of Leggett & Platt stock traded down $0.07 during trading hours on Tuesday, reaching $7.84. The company’s stock had a trading volume of 1,702,570 shares, compared to its average volume of 2,429,860. 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 one year low of $7.74 and a one year high of $19.33. The company’s 50 day simple moving average is $9.31 and its 200 day simple moving average is $10.93. The stock has a market cap of $1.06 billion, a P/E ratio of -2.10 and a beta of 1.11.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Thursday, February 13th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. The firm 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%. As a group, analysts expect that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Friday, March 14th. Leggett & Platt’s payout ratio is -5.36%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on LEG shares. Truist Financial reduced their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Wednesday, January 29th. The Goldman Sachs Group reduced their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th.

Leggett & Platt Company Profile

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.