Leggett & Platt (NYSE:LEG) Shares Down 5.2% – Here’s What Happened

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

Analyst Ratings Changes

LEG has been the subject of several analyst reports. The Goldman Sachs Group lowered their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. Finally, Truist Financial lowered their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $12.00.

Leggett & Platt Price Performance

The stock has a market capitalization of $1.47 billion, a P/E ratio of -1.82 and a beta of 1.11. The business has a fifty day simple moving average of $10.80 and a 200 day simple moving average of $11.98. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data 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 company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the business posted $0.36 earnings per share. Leggett & Platt’s revenue was down 6.3% on a year-over-year basis. On average, analysts expect that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th were paid a $0.05 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.20 annualized dividend and a yield of 1.83%. Leggett & Platt’s dividend payout ratio is currently -3.33%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Wellington Management Group LLP purchased a new position in shares of Leggett & Platt during the third quarter worth about $15,735,000. Invenomic Capital Management LP increased its holdings in shares of Leggett & Platt by 384.1% in the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock worth $12,550,000 after buying an additional 731,132 shares during the last quarter. FMR LLC increased its holdings 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 during 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, State of New Jersey Common Pension Fund D bought a new stake in shares of Leggett & Platt during the 3rd quarter worth $2,089,000. 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.