Leggett & Platt (NYSE:LEG) Shares Down 8.9% - Here's What Happened

Key Points

• Leggett & Platt's stock price fell by 8.9%, trading as low as $8.79, after closing at $9.55 previously, with a significant decline in trading volume.
• Analysts have adjusted their price targets for Leggett & Platt, with Piper Sandler setting a new target of $9.00, down from $12.00, while Goldman Sachs also raised its target to $9.00.
• The company reported a positive earnings per share of $0.30 for the last quarter, exceeding consensus estimates, but revenue decreased by 6.3% year-over-year.

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report)'s share price traded down 8.9% on Friday . The stock traded as low as $8.79 and last traded at $8.70. 416,745 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 2,518,093 shares. The stock had previously closed at $9.55.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on LEG shares. Wall Street Zen lowered shares of Leggett & Platt from a "buy" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group raised their price objective on shares of Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Finally, Piper Sandler reduced their price objective on shares of Leggett & Platt from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Monday.

Leggett & Platt Trading Up 2.3%

The company has a debt-to-equity ratio of 2.09, a current ratio of 2.17 and a quick ratio of 1.36. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 8.40 and a beta of 0.70. The business's 50-day simple moving average is $9.50 and its 200-day simple moving average is $9.08.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.29 by $0.01. Leggett & Platt had a net margin of 3.36% and a return on equity of 19.42%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the business posted $0.29 earnings per share. Leggett & Platt's revenue for the quarter was down 6.3% compared to the same quarter last year. Research analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, June 13th. Leggett & Platt's payout ratio is currently 19.42%.

Institutional Investors Weigh In On Leggett & Platt

Institutional investors have recently bought and sold shares of the business. Sterling Capital Management LLC boosted its stake 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 during the period. Nisa Investment Advisors LLC acquired a new stake in Leggett & Platt in the second quarter valued at $76,000. SeaCrest Wealth Management LLC acquired a new stake in Leggett & Platt in the second quarter valued at $89,000. Chicago Partners Investment Group LLC acquired a new stake in Leggett & Platt in the second quarter valued at $97,000. Finally, Signaturefd LLC raised its holdings in shares of Leggett & Platt by 344.5% during the second quarter. Signaturefd LLC now owns 11,072 shares of the company's stock worth $99,000 after purchasing an additional 8,581 shares during the period. 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.