Leggett & Platt (NYSE:LEG) Sets New 1-Year Low – Here’s What Happened

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $8.25 and last traded at $8.27, with a volume of 2848111 shares trading hands. The stock had previously closed at $8.62.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group cut their price objective 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 cut their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th.

Leggett & Platt Price Performance

The stock has a market cap of $1.10 billion, a P/E ratio of -2.18 and a beta of 1.11. The company has a 50 day simple moving average of $9.90 and a 200 day simple moving average of $11.37. 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 released its earnings results on Thursday, February 13th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations 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, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, March 14th. Leggett & Platt’s dividend payout ratio (DPR) is -5.36%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Leggett & Platt by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company’s stock worth $148,593,000 after purchasing an additional 722,024 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Leggett & Platt by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,751,066 shares of the company’s stock worth $45,610,000 after purchasing an additional 214,571 shares during the last quarter. State Street Corp increased its position in shares of Leggett & Platt by 0.6% during 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 during the last quarter. Geode Capital Management LLC increased its position in shares of 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 purchasing an additional 60,166 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Leggett & Platt by 12.4% during the 4th quarter. AQR Capital Management LLC now owns 1,632,152 shares of the company’s stock worth $15,669,000 after purchasing an additional 179,938 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

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.