Leggett & Platt, Incorporated (NYSE:LEG) Short Interest Up 42.8% in March

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

Leggett & Platt Stock Performance

Leggett & Platt stock traded down $0.08 during midday trading on Monday, reaching $7.91. 2,474,971 shares of the company’s stock were exchanged, compared to its average volume of 2,429,162. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00. The stock’s 50-day simple moving average is $9.37 and its 200 day simple moving average is $10.97. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -2.12 and a beta of 1.11. Leggett & Platt has a 52 week low of $7.74 and a 52 week high of $19.33.

Leggett & Platt (NYSE:LEG) last posted 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. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.03 billion. On average, analysts expect that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

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 issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Friday, March 14th. Leggett & Platt’s dividend payout ratio is currently -5.36%.

Analyst Upgrades and Downgrades

LEG has been the topic of several analyst reports. The Goldman Sachs Group dropped 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. Truist Financial dropped their price objective 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.

Hedge Funds Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently modified their holdings of LEG. Counterpoint Mutual Funds LLC bought a new stake in Leggett & Platt in the 4th quarter valued at about $666,000. PEAK6 Investments LLC acquired a new stake in Leggett & Platt during the third quarter worth approximately $1,067,000. Amundi increased its stake in Leggett & Platt by 90.3% during the 4th quarter. Amundi now owns 82,890 shares of the company’s stock worth $814,000 after acquiring an additional 39,324 shares during the period. AXQ Capital LP acquired a new position in Leggett & Platt in the 4th quarter valued at $771,000. Finally, Verition Fund Management LLC lifted its position in shares of Leggett & Platt by 649.6% during the 3rd quarter. Verition Fund Management LLC now owns 97,675 shares of the company’s stock valued at $1,330,000 after acquiring an additional 84,645 shares during the period. 64.23% of the stock is currently owned by institutional investors and hedge funds.

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.