Leggett & Platt (NYSE:LEG) Sets New 12-Month Low – Here’s Why

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price hit a new 52-week low on Monday . The company traded as low as $7.74 and last traded at $7.83, with a volume of 200219 shares changing hands. The stock had previously closed at $7.98.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Truist Financial lowered 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 Stock Performance

The company has a debt-to-equity ratio of 2.70, a current ratio of 2.00 and a quick ratio of 1.14. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -2.10 and a beta of 1.11. The stock has a 50-day moving average of $9.43 and a 200 day moving average of $10.99.

Leggett & Platt (NYSE:LEG) last posted 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 company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.03 billion. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. On average, analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Friday, March 14th. Leggett & Platt’s dividend payout ratio is currently -5.36%.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Leggett & Platt by 4.9% in the fourth quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company’s stock valued at $148,593,000 after buying an additional 722,024 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Leggett & Platt by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,751,066 shares of the company’s stock valued at $45,610,000 after acquiring an additional 214,571 shares in the last quarter. State Street Corp boosted its stake in Leggett & Platt by 0.6% in the 3rd quarter. State Street Corp now owns 4,437,066 shares of the company’s stock worth $60,657,000 after purchasing an additional 27,693 shares during the period. Geode Capital Management LLC increased its holdings in Leggett & Platt by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,156,322 shares of the company’s stock worth $29,377,000 after purchasing an additional 60,166 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Leggett & Platt by 12.4% in the 4th quarter. AQR Capital Management LLC now owns 1,632,152 shares of the company’s stock valued at $15,669,000 after purchasing an additional 179,938 shares during the period. 64.23% of the stock is currently owned by institutional investors and hedge funds.

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.