Leggett & Platt (NYSE:LEG) Trading 6.7% Higher – Should You Buy?

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price rose 6.7% during trading on Wednesday . The stock traded as high as $8.40 and last traded at $8.39. Approximately 2,079,470 shares changed hands during trading, a decline of 14% from the average daily volume of 2,429,236 shares. The stock had previously closed at $7.86.

Analysts Set New Price Targets

Several 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 for the company in a report on Tuesday, January 14th. Truist Financial cut their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, January 29th.

Leggett & Platt Price Performance

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 company has a market cap of $1.13 billion, a price-to-earnings ratio of -2.25 and a beta of 1.11. The business has a 50-day moving average price of $9.31 and a 200 day moving average price of $10.93.

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

Leggett & Platt Dividend Announcement

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 given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Friday, March 14th. Leggett & Platt’s dividend payout ratio (DPR) is currently -5.36%.

Hedge Funds Weigh In On Leggett & Platt

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc lifted its stake in Leggett & Platt by 7.7% in the 4th quarter. CIBC Asset Management Inc now owns 13,986 shares of the company’s stock worth $134,000 after acquiring an additional 1,001 shares in the last quarter. Sterling Capital Management LLC increased its holdings in shares of Leggett & Platt by 17.1% in the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock valued at $77,000 after purchasing an additional 1,163 shares during the period. Swiss National Bank lifted its position in shares of Leggett & Platt by 0.8% in the fourth quarter. Swiss National Bank now owns 263,900 shares of the company’s stock worth $2,533,000 after purchasing an additional 2,100 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Leggett & Platt by 3.2% during the fourth quarter. Deutsche Bank AG now owns 67,319 shares of the company’s stock worth $646,000 after purchasing an additional 2,109 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Leggett & Platt during the third quarter valued at approximately $29,000. 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.