Leggett & Platt (NYSE:LEG) Stock Price Down 4.6% – Here’s Why

Leggett & Platt, Incorporated (NYSE:LEG)’s share price dropped 4.6% during trading on Tuesday . The company traded as low as $8.21 and last traded at $8.18. Approximately 631,762 shares changed hands during trading, a decline of 72% from the average daily volume of 2,279,372 shares. The stock had previously closed at $8.57.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on LEG. The Goldman Sachs Group reduced their price objective 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 lowered their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, January 29th.

Leggett & Platt Trading Down 6.1 %

The company has a 50-day moving average price of $9.63 and a two-hundred day moving average price of $11.09. The stock has a market cap of $1.08 billion, a P/E ratio of -2.16 and a beta of 1.11. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.21 EPS for the quarter, hitting the consensus estimate of $0.21. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.03 billion. On average, research analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Friday, March 14th. Leggett & Platt’s payout ratio is currently -5.36%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in Leggett & Platt during the 3rd quarter valued at $29,000. Point72 Hong Kong Ltd bought a new stake in shares of Leggett & Platt during the third quarter worth $37,000. SRS Capital Advisors Inc. boosted its stake in shares of Leggett & Platt by 555.8% during 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 period. Brooklyn Investment Group bought a new position in shares of Leggett & Platt in the third quarter worth about $44,000. Finally, SBI Securities Co. Ltd. purchased a new position in Leggett & Platt in the 4th quarter worth about $50,000. Institutional investors 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.