Leggett & Platt (NYSE:LEG) Stock Price Up 6.4% - Should You Buy?

Shares of Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) traded up 6.4% during trading on Tuesday . The company traded as high as $9.39 and last traded at $9.50. 291,241 shares were traded during mid-day trading, a decline of 87% from the average session volume of 2,187,932 shares. The stock had previously closed at $8.92.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LEG. Wall Street Zen downgraded shares of Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. The Goldman Sachs Group upped their target price on Leggett & Platt from $8.00 to $9.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $9.00 price target (down previously from $12.00) on shares of Leggett & Platt in a research note on Friday, April 11th.

Leggett & Platt Stock Up 2.9%

The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -2.65 and a beta of 0.74. The company has a quick ratio of 1.36, a current ratio of 2.20 and a debt-to-equity ratio of 2.59. The stock has a 50 day moving average price of $9.09 and a 200 day moving average price of $9.10.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. Leggett & Platt had a positive return on equity of 20.46% and a negative net margin of 11.89%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the previous year, the firm earned $0.23 earnings per share. The company's revenue was down 6.8% compared to the same quarter last year. As a group, analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.20 annualized dividend and a yield of 2.02%. Leggett & Platt's payout ratio is currently -5.35%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LEG. SRS Capital Advisors Inc. lifted its stake in Leggett & Platt by 555.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company's stock valued at $30,000 after purchasing an additional 2,629 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Leggett & Platt in the fourth quarter valued at $50,000. Sterling Capital Management LLC lifted its position in shares of 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 buying an additional 1,163 shares during the last quarter. State of Wyoming purchased a new position in shares of Leggett & Platt during the 1st quarter valued at $89,000. Finally, HighTower Advisors LLC purchased a new stake in Leggett & Platt in the 4th quarter worth about $97,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

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.