Leggett & Platt (NYSE:LEG) Trading Down 3.2% - Should You Sell?

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report)'s share price was down 3.2% during mid-day trading on Friday . The company traded as low as $9.41 and last traded at $9.41. Approximately 447,047 shares were traded during trading, a decline of 83% from the average daily volume of 2,656,899 shares. The stock had previously closed at $9.72.

Wall Street Analysts Forecast Growth

Several brokerages have commented on LEG. Truist Financial dropped their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research note on Wednesday, January 29th. Piper Sandler reiterated a "neutral" rating and set a $9.00 price target (down previously from $12.00) on shares of Leggett & Platt in a research report on Friday, April 11th. Finally, The Goldman Sachs Group raised their price target on Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th.

Leggett & Platt Price Performance

The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -2.45 and a beta of 0.75. The business has a 50-day simple moving average of $7.94 and a two-hundred day simple moving average of $9.91. The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70.

Leggett & Platt (NYSE:LEG - Get Free Report) last announced its earnings results on Monday, April 28th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The business had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.02 billion. During the same quarter last year, the business posted $0.23 earnings per share. The company's quarterly revenue was down 6.8% on a year-over-year basis. As a group, research analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.19%. Leggett & Platt's dividend payout ratio (DPR) is -5.35%.

Institutional Investors Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc lifted its stake in Leggett & Platt by 7.7% during the fourth quarter. CIBC Asset Management Inc now owns 13,986 shares of the company's stock valued at $134,000 after buying an additional 1,001 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Leggett & Platt by 17.1% in the fourth quarter. Sterling Capital Management LLC now owns 7,972 shares of the company's stock valued at $77,000 after purchasing an additional 1,163 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Leggett & Platt by 8.9% in the first quarter. Oppenheimer & Co. Inc. now owns 24,501 shares of the company's stock worth $194,000 after buying an additional 2,000 shares during the period. Swiss National Bank grew its holdings in shares of Leggett & Platt by 0.8% during the fourth quarter. Swiss National Bank now owns 263,900 shares of the company's stock valued at $2,533,000 after buying an additional 2,100 shares in the last quarter. Finally, Deutsche Bank AG raised its position in Leggett & Platt by 3.2% during the fourth quarter. Deutsche Bank AG now owns 67,319 shares of the company's stock valued at $646,000 after buying an additional 2,109 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

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.