Leggett & Platt (NYSE:LEG) Stock Price 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) fell 8.9% on Friday . The company traded as low as $8.79 and last traded at $8.70. 416,745 shares changed hands during trading, a decline of 83% from the average session volume of 2,518,093 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

A number of research firms have weighed in on LEG. Piper Sandler reissued a "neutral" rating and set a $9.00 price objective (down previously from $12.00) on shares of Leggett & Platt in a research note on Friday, April 11th. The Goldman Sachs Group lifted their target price on Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Finally, Wall Street Zen upgraded Leggett & Platt from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th.

Leggett & Platt Price Performance

The company has a current ratio of 2.20, a quick ratio of 1.36 and a debt-to-equity ratio of 2.59. The stock has a market cap of $1.11 billion, a PE ratio of -2.20 and a beta of 0.74. The company has a fifty day moving average of $9.52 and a 200-day moving average of $9.13.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.01. Leggett & Platt had a positive return on equity of 20.46% and a negative net margin of 11.89%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the business earned $0.29 EPS. Leggett & Platt's revenue was down 6.3% on a year-over-year basis. Sell-side analysts expect that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 13th were given a $0.05 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.4%. Leggett & Platt's dividend payout ratio is -5.35%.

Institutional Trading of Leggett & Platt

Hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC purchased a new position in Leggett & Platt in the 2nd quarter valued at approximately $76,000. Sterling Capital Management LLC boosted its holdings in shares of Leggett & Platt by 17.1% during the fourth quarter. Sterling Capital Management LLC now owns 7,972 shares of the company's stock worth $77,000 after purchasing an additional 1,163 shares during the last quarter. State of Wyoming acquired a new position in Leggett & Platt in the first quarter valued at $89,000. SeaCrest Wealth Management LLC acquired a new position in Leggett & Platt in the second quarter valued at $89,000. Finally, HighTower Advisors LLC purchased a new stake in shares of Leggett & Platt in the fourth quarter worth about $97,000. 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.

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