Leggett & Platt, Incorporated (NYSE:LEG – Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 8,300,000 shares, a growth of 17.1% from the March 15th total of 7,090,000 shares. Approximately 6.3% of the shares of the company are short sold. Based on an average daily volume of 1,700,000 shares, the short-interest ratio is currently 4.9 days.
Wall Street Analyst Weigh In
Several analysts have issued reports on LEG shares. Truist Financial decreased their price target on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Tuesday, March 26th. TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Finally, StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.33.
Hedge Funds Weigh In On Leggett & Platt
Several institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its holdings in Leggett & Platt by 18.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock valued at $66,000 after purchasing an additional 305 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Leggett & Platt by 0.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 56,604 shares of the company’s stock worth $1,957,000 after acquiring an additional 312 shares during the last quarter. MML Investors Services LLC raised its stake in shares of Leggett & Platt by 2.5% in the second quarter. MML Investors Services LLC now owns 14,575 shares of the company’s stock worth $432,000 after acquiring an additional 357 shares during the last quarter. Bleakley Financial Group LLC raised its stake in shares of Leggett & Platt by 3.7% in the first quarter. Bleakley Financial Group LLC now owns 9,931 shares of the company’s stock worth $317,000 after acquiring an additional 358 shares during the last quarter. Finally, Cetera Advisor Networks LLC raised its stake in shares of Leggett & Platt by 5.2% in the first quarter. Cetera Advisor Networks LLC now owns 8,989 shares of the company’s stock worth $313,000 after acquiring an additional 443 shares during the last quarter. 64.23% of the stock is owned by institutional investors.
Leggett & Platt Price Performance
Shares of NYSE:LEG traded down $0.31 during midday trading on Friday, reaching $17.66. 1,809,890 shares of the company’s stock were exchanged, compared to its average volume of 1,857,250. The company’s 50 day simple moving average is $19.81 and its two-hundred day simple moving average is $22.88. The firm has a market capitalization of $2.36 billion, a PE ratio of -17.66 and a beta of 1.17. Leggett & Platt has a 12 month low of $17.59 and a 12 month high of $33.50. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.84 and a current ratio of 1.49.
Leggett & Platt (NYSE:LEG – Get Free Report) last announced its quarterly earnings results on Friday, February 9th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01). Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the business earned $0.39 earnings per share. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. Equities research analysts expect that Leggett & Platt will post 1.17 earnings per share for the current fiscal year.
Leggett & Platt Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 15th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 10.42%. The ex-dividend date of this dividend is Thursday, March 14th. Leggett & Platt’s dividend payout ratio is currently -184.00%.
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.