Leggett & Platt (NYSE:LEG) Reaches New 1-Year Low – What’s Next?

Leggett & Platt, Incorporated (NYSE:LEG) shares hit a new 52-week low during trading on Monday . The company traded as low as $9.18 and last traded at $9.31, with a volume of 274163 shares trading hands. The stock had previously closed at $9.56.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $11.00 to $13.00 in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt Trading Down 2.3 %

The stock has a market capitalization of $1.25 billion, a P/E ratio of -1.55 and a beta of 1.07. The business has a 50 day simple moving average of $11.69 and a 200-day simple moving average of $12.18. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.84 and a current ratio of 1.48.

Leggett & Platt (NYSE:LEG) last announced its earnings results 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 firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the prior year, the business earned $0.36 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, analysts predict that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.14%. Leggett & Platt’s payout ratio is currently -3.33%.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. raised its position in shares of Leggett & Platt by 426.2% during the second quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock worth $160,923,000 after purchasing an additional 11,373,507 shares during the period. State Street Corp increased its stake in Leggett & Platt by 0.6% in the 3rd quarter. State Street Corp now owns 4,437,066 shares of the company’s stock worth $60,657,000 after purchasing an additional 27,693 shares in the last quarter. Geode Capital Management LLC raised its holdings in Leggett & Platt by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,156,322 shares of the company’s stock worth $29,377,000 after buying an additional 60,166 shares during the period. AQR Capital Management LLC lifted its stake in Leggett & Platt by 1,098.0% during the second quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after buying an additional 1,838,009 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Leggett & Platt in the third quarter worth about $15,735,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.