Leggett & Platt (NYSE:LEG) Stock Price Up 6.7% – Here’s What Happened

Leggett & Platt, Incorporated (NYSE:LEG) shares were up 6.7% during trading on Wednesday . The company traded as high as $8.40 and last traded at $8.39. Approximately 2,079,470 shares changed hands during mid-day 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

A number of equities research analysts have weighed in on LEG shares. Truist Financial lowered their price objective on 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 on the stock in a research note on Tuesday, January 14th.

Leggett & Platt Stock Up 6.7 %

The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00. The firm has a market capitalization of $1.13 billion, a P/E ratio of -2.25 and a beta of 1.11. The stock has a fifty day moving average price of $9.31 and a two-hundred day moving average price of $10.93.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Thursday, February 13th. The company reported $0.21 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.03 billion. Research analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 2.38%. The ex-dividend date is Friday, March 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently -5.36%.

Institutional Trading of Leggett & Platt

Hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc increased its position in Leggett & Platt by 7.7% in the fourth quarter. CIBC Asset Management Inc now owns 13,986 shares of the company’s stock worth $134,000 after buying an additional 1,001 shares during the period. Sterling Capital Management LLC raised its stake in Leggett & Platt by 17.1% during the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock valued at $77,000 after acquiring an additional 1,163 shares in the last quarter. Swiss National Bank boosted its position in Leggett & Platt by 0.8% during the 4th quarter. Swiss National Bank now owns 263,900 shares of the company’s stock worth $2,533,000 after acquiring an additional 2,100 shares during the period. Deutsche Bank AG grew its stake in shares of Leggett & Platt by 3.2% in 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 in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Leggett & Platt during the third quarter valued at $29,000. Institutional investors own 64.23% of the company’s stock.

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.