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

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $8.48 and last traded at $8.58, with a volume of 3221800 shares changing hands. The stock had previously closed at $8.90.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Truist Financial cut their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, January 29th. The Goldman Sachs Group cut their target price on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.00.

Leggett & Platt Stock Down 3.7 %

The business’s fifty day moving average price is $10.04 and its 200 day moving average price is $11.53. The company has a market capitalization of $1.16 billion, a P/E ratio of -2.30 and a beta of 1.12. 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 quarterly earnings data on Thursday, February 13th. The company reported $0.21 EPS for the quarter, hitting analysts’ consensus estimates of $0.21. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.03 billion. As a group, equities research analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 2.33%. The ex-dividend date is Friday, March 14th. Leggett & Platt’s dividend payout ratio is currently -5.36%.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in Leggett & Platt by 76.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after purchasing an additional 884 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Leggett & Platt in the 3rd quarter valued at about $29,000. Point72 Hong Kong Ltd acquired a new stake in Leggett & Platt in the 3rd quarter valued at about $37,000. SRS Capital Advisors Inc. increased its position in Leggett & Platt by 555.8% in the 4th 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 in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Leggett & Platt in the 3rd quarter valued at about $44,000. 64.23% of the stock is owned by institutional investors.

About Leggett & Platt

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.