Leggett & Platt, Incorporated (NYSE:LEG) Short Interest Update

Leggett & Platt, Incorporated (NYSE:LEG) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 4,670,000 shares, a drop of 24.9% from the October 15th total of 6,220,000 shares. Based on an average daily trading volume, of 1,570,000 shares, the short-interest ratio is presently 3.0 days. Approximately 3.6% of the shares of the stock are short sold.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock traded up $0.02 during trading on Friday, hitting $11.82. 1,245,044 shares of the stock traded hands, compared to its average volume of 1,774,191. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -1.97 and a beta of 1.07. The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. Leggett & Platt has a 52 week low of $10.11 and a 52 week high of $27.58. The firm’s fifty day moving average is $12.71 and its 200-day moving average is $12.32.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The firm’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 earnings per share. Research analysts expect that Leggett & Platt will post 1.05 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Friday, December 13th. Leggett & Platt’s dividend payout ratio is presently -3.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its stake in shares of Leggett & Platt by 66.8% during the first quarter. BNP Paribas Financial Markets now owns 70,271 shares of the company’s stock valued at $1,346,000 after purchasing an additional 28,149 shares during the period. Swiss National Bank grew its holdings in Leggett & Platt by 0.3% in the 1st quarter. Swiss National Bank now owns 263,300 shares of the company’s stock worth $5,042,000 after acquiring an additional 900 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Leggett & Platt by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 350,876 shares of the company’s stock valued at $6,719,000 after acquiring an additional 27,106 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of Leggett & Platt by 6.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 149,692 shares of the company’s stock valued at $2,867,000 after acquiring an additional 9,254 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board boosted its holdings in shares of Leggett & Platt by 78.8% during the first quarter. Ontario Teachers Pension Plan Board now owns 65,994 shares of the company’s stock worth $1,264,000 after purchasing an additional 29,088 shares during the period. 64.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on LEG shares. StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Truist Financial lifted their target price on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Finally, Piper Sandler raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $11.00 to $13.00 in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat, Leggett & Platt presently has a consensus rating of “Hold” and a consensus target price of $12.67.

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.