Leggett & Platt (NYSE:LEG) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Leggett & Platt, Incorporated (NYSE:LEG) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.00 and traded as high as $11.75. Leggett & Platt shares last traded at $11.6650, with a volume of 6,673,617 shares changing hands.

Analysts Set New Price Targets

A number of analysts have commented on the company. Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Truist Financial dropped 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 Friday, May 8th. Finally, Zacks Research lowered Leggett & Platt from a “hold” rating to a “strong sell” rating in a report on Thursday, May 14th. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Leggett & Platt has an average rating of “Reduce” and a consensus target price of $11.33.

Leggett & Platt Stock Performance

The firm’s 50 day simple moving average is $10.54 and its 200 day simple moving average is $11.00. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 7.25 and a beta of 0.74. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.45 and a current ratio of 2.33.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The business had revenue of $918.20 million during the quarter, compared to analyst estimates of $946.79 million. During the same quarter in the previous year, the company earned $0.24 EPS. The firm’s revenue was down 10.2% compared to the same quarter last year. Sell-side analysts forecast that Leggett & Platt, Incorporated will post 0.9 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, June 15th. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.42%.

Hedge Funds Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Leggett & Platt by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock worth $208,890,000 after acquiring an additional 282,940 shares during the period. Geode Capital Management LLC raised its position in Leggett & Platt by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company’s stock valued at $34,917,000 after acquiring an additional 183,218 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in Leggett & Platt by 22.7% in the first quarter. Quantinno Capital Management LP now owns 3,023,884 shares of the company’s stock valued at $29,876,000 after acquiring an additional 559,868 shares during the period. Invenomic Capital Management LP lifted its holdings in Leggett & Platt by 4.0% in the fourth quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock valued at $26,813,000 after acquiring an additional 93,213 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Leggett & Platt by 4.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,123,623 shares of the company’s stock worth $23,360,000 after purchasing an additional 98,430 shares in the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.