Leggett & Platt, Incorporated (NYSE:LEG – Get Free Report)’s stock price traded down 5.1% during trading on Tuesday . The company traded as low as $11.80 and last traded at $11.81. 784,261 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 2,217,070 shares. The stock had previously closed at $12.45.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on the company. Piper Sandler lowered their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Truist Financial lowered their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. The Goldman Sachs Group lowered their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Finally, StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $13.33.
Leggett & Platt Stock Performance
The stock has a 50 day simple moving average of $14.52 and a 200 day simple moving average of $19.85. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -9.94 and a beta of 1.10. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37.
Leggett & Platt (NYSE:LEG – Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.39 EPS. As a group, analysts predict that Leggett & Platt, Incorporated will post 1.13 EPS for the current year.
Leggett & Platt Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is -158.62%.
Insider Buying and Selling
In other Leggett & Platt news, CFO Benjamin Michael Burns purchased 3,850 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the purchase, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Leggett & Platt news, CFO Benjamin Michael Burns purchased 3,850 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the purchase, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average cost of $13.39 per share, with a total value of $133,900.00. Following the completion of the acquisition, the executive vice president now owns 41,535 shares of the company’s stock, valued at $556,153.65. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 65,635 shares of company stock worth $773,447. 1.92% of the stock is currently owned by corporate insiders.
Institutional Trading of Leggett & Platt
Several hedge funds and other institutional investors have recently bought and sold shares of LEG. Norges Bank bought a new stake in Leggett & Platt in the fourth quarter valued at about $26,814,000. Pacer Advisors Inc. grew its holdings in shares of Leggett & Platt by 68.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock valued at $50,636,000 after purchasing an additional 786,297 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Leggett & Platt by 329.6% during the third quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock valued at $21,198,000 after purchasing an additional 640,015 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Leggett & Platt by 45.7% during the third quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock valued at $43,186,000 after purchasing an additional 532,780 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Leggett & Platt by 675.3% during the third quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock valued at $12,121,000 after purchasing an additional 415,641 shares during the last quarter. 64.23% of the stock is owned by institutional investors.
About Leggett & Platt
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.