Leggett & Platt (NYSE:LEG) Trading Up 3.9% – Here’s Why

Shares of Leggett & Platt, Incorporated (NYSE:LEG) rose 3.9% during mid-day trading on Tuesday . The company traded as high as $13.49 and last traded at $13.44. Approximately 169,870 shares were traded during trading, a decline of 93% from the average daily volume of 2,347,283 shares. The stock had previously closed at $12.94.

Wall Street Analyst Weigh In

LEG has been the subject of several recent research reports. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. The Goldman Sachs Group reduced their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Truist Financial lifted their price objective on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.67.

Leggett & Platt Trading Down 0.4 %

The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -11.60 and a beta of 1.07. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.53 and a quick ratio of 0.88. The business has a 50-day moving average of $12.74 and a 200-day moving average of $13.23.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.29. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Research analysts anticipate that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th were issued a $0.05 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.49%. Leggett & Platt’s payout ratio is -17.24%.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds have recently added to or reduced their stakes in the business. CVA Family Office LLC bought a new stake in Leggett & Platt in the 2nd quarter valued at about $36,000. Abich Financial Wealth Management LLC boosted its holdings in shares of Leggett & Platt by 93.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after acquiring an additional 931 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Leggett & Platt by 367.8% during the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock worth $39,000 after purchasing an additional 2,670 shares during the last quarter. nVerses Capital LLC acquired a new stake in Leggett & Platt during the 3rd quarter worth approximately $41,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Leggett & Platt by 343.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,371 shares of the company’s stock worth $50,000 after acquiring an additional 3,386 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

About Leggett & Platt

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.