Leggett & Platt, Incorporated (NYSE:LEG) Sees Significant Increase in Short Interest

Leggett & Platt, Incorporated (NYSE:LEG) was the target of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 7,760,000 shares, an increase of 27.6% from the February 13th total of 6,080,000 shares. Based on an average daily volume of 2,060,000 shares, the days-to-cover ratio is presently 3.8 days. Currently, 5.9% of the shares of the company are sold short.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock traded up $0.03 on Tuesday, reaching $8.10. The stock had a trading volume of 2,044,231 shares, compared to its average volume of 2,213,305. Leggett & Platt has a 1 year low of $7.92 and a 1 year high of $19.33. The company has a market cap of $1.09 billion, a P/E ratio of -2.17 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. The business’s 50 day moving average is $9.79 and its two-hundred day moving average is $11.23.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.03 billion. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. As a group, research analysts anticipate that Leggett & Platt will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Friday, March 14th. Leggett & Platt’s dividend payout ratio (DPR) is -5.36%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in Leggett & Platt during the third quarter valued at approximately $29,000. SRS Capital Advisors Inc. grew its position in 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 acquiring an additional 2,629 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Leggett & Platt during the third quarter valued at approximately $37,000. Brooklyn Investment Group bought a new position in Leggett & Platt during the third quarter valued at approximately $44,000. Finally, SBI Securities Co. Ltd. bought a new position in Leggett & Platt during the fourth quarter valued at approximately $50,000. 64.23% of the stock is currently owned by institutional investors.

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.