Leggett & Platt, Incorporated (NYSE:LEG) Sees Significant Increase in Short Interest

Leggett & Platt, Incorporated (NYSE:LEG) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 7,760,000 shares, an increase of 27.6% from the February 13th total of 6,080,000 shares. Currently, 5.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,060,000 shares, the days-to-cover ratio is currently 3.8 days.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Leggett & Platt in the third quarter valued at about $29,000. SRS Capital Advisors Inc. increased its holdings in Leggett & Platt by 555.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company’s stock valued at $30,000 after purchasing an additional 2,629 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Leggett & Platt in the third quarter valued at about $37,000. Brooklyn Investment Group bought a new stake in Leggett & Platt in the third quarter valued at about $44,000. Finally, SBI Securities Co. Ltd. bought a new stake in Leggett & Platt in the fourth quarter valued at about $50,000. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Price Performance

LEG traded down $0.03 during trading on Monday, hitting $8.09. The company’s stock had a trading volume of 1,432,352 shares, compared to its average volume of 2,209,864. The firm’s 50 day moving average price is $9.82 and its two-hundred day moving average price is $11.27. The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70. Leggett & Platt has a 12 month low of $7.92 and a 12 month high of $19.33. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -2.17 and a beta of 1.11.

Leggett & Platt (NYSE:LEG) last released its earnings results on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.21. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.03 billion. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. Sell-side analysts forecast that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be given a dividend of $0.05 per share. The ex-dividend date is Friday, March 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.47%. Leggett & Platt’s payout ratio is currently -5.36%.

Analysts Set New Price Targets

Several analysts recently commented on LEG shares. The Goldman Sachs Group decreased their price target 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. Truist Financial decreased their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, January 29th.

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.