Leggett & Platt, Incorporated (NYSE:LEG) Short Interest Up 20.7% in April

Key Points

• Short interest rose 20.7% in April to 11,370,231 shares (8.5% of the company), giving a days-to-cover ratio of about 2.4 based on average daily volume.
• In the most recent quarter (reported Feb. 11) Leggett & Platt posted $0.22 EPS in line with estimates while revenue fell 11.2% year-over-year to $938.6M, and analysts carry a consensus rating of Reduce with a $11.67 price target.
• The company pays a quarterly dividend of $0.05 (annualized $0.20) for a 1.9% yield, and the stock trades at a P/E of 6.39 with a market capitalization around $1.47 billion.

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) was the recipient of a significant increase in short interest in the month of April. As of April 15th, there was short interest totaling 11,370,231 shares, an increase of 20.7% from the March 31st total of 9,423,543 shares. Currently, 8.5% of the company's shares are sold short. Based on an average daily volume of 4,688,632 shares, the days-to-cover ratio is presently 2.4 days.

Leggett & Platt Price Performance

LEG opened at $10.80 on Thursday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.45 and a current ratio of 2.25. The stock has a market capitalization of $1.47 billion, a PE ratio of 6.39 and a beta of 0.74. The stock's 50 day moving average price is $10.71 and its 200-day moving average price is $10.76. Leggett & Platt has a 52-week low of $7.86 and a 52-week high of $13.00.

Leggett & Platt (NYSE:LEG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.22 EPS for the quarter, hitting analysts' consensus estimates of $0.22. The company had revenue of $938.60 million during the quarter, compared to analyst estimates of $938.74 million. Leggett & Platt had a return on equity of 15.00% and a net margin of 5.80%.The firm's revenue was down 11.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 earnings per share. On average, equities research analysts predict that Leggett & Platt will post 1.08 EPS for the current year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.9%. Leggett & Platt's payout ratio is presently 11.83%.

Analysts Set New Price Targets

LEG has been the topic of several analyst reports. Wall Street Zen downgraded shares of Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, February 21st. Weiss Ratings lowered shares of Leggett & Platt from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, March 16th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $11.67.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors have recently bought and sold shares of LEG. Vanguard Group Inc. lifted its holdings in Leggett & Platt by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company's stock worth $208,890,000 after buying an additional 282,940 shares during the period. Geode Capital Management LLC grew its holdings in shares of Leggett & Platt by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 3,173,733 shares of the company's stock worth $34,917,000 after acquiring an additional 183,218 shares during the period. Invenomic Capital Management LP raised its position in shares of Leggett & Platt by 4.0% in the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company's stock worth $26,813,000 after acquiring an additional 93,213 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Leggett & Platt by 4.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,123,623 shares of the company's stock valued at $23,360,000 after purchasing an additional 98,430 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Leggett & Platt by 1.3% in the 4th quarter. Wellington Management Group LLP now owns 2,102,190 shares of the company's stock valued at $23,124,000 after purchasing an additional 27,273 shares during the period. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company's offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company's core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.

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