Leggett & Platt (NYSE:LEG) Shares Down 4.9% - Time to Sell?

Shares of Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) traded down 4.9% during mid-day trading on Monday . The company traded as low as $8.64 and last traded at $8.62. 512,002 shares were traded during trading, a decline of 79% from the average session volume of 2,402,131 shares. The stock had previously closed at $9.06.

Wall Street Analyst Weigh In

Several equities research analysts have commented on LEG shares. The Goldman Sachs Group upped their price target on Leggett & Platt from $8.00 to $9.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Piper Sandler reiterated a "neutral" rating and set a $9.00 target price (down previously from $12.00) on shares of Leggett & Platt in a report on Friday, April 11th.

Leggett & Platt Stock Down 0.1%

The firm has a 50-day simple moving average of $8.31 and a 200 day simple moving average of $9.46. The company has a market capitalization of $1.23 billion, a PE ratio of -2.44 and a beta of 0.75. The company has a debt-to-equity ratio of 2.70, a current ratio of 2.00 and a quick ratio of 1.14.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its earnings results on Monday, April 28th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The company's revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.23 earnings per share. On average, research analysts predict 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 will be paid on Tuesday, July 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.20%. Leggett & Platt's payout ratio is currently -5.35%.

Institutional Investors Weigh In On Leggett & Platt

Large investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake in shares of Leggett & Platt by 784.7% during the first quarter. Millennium Management LLC now owns 4,605,416 shares of the company's stock valued at $36,429,000 after acquiring an additional 4,084,866 shares in the last quarter. Cubist Systematic Strategies LLC boosted its holdings in Leggett & Platt by 1,495.6% in the first quarter. Cubist Systematic Strategies LLC now owns 1,539,758 shares of the company's stock valued at $12,179,000 after purchasing an additional 1,443,257 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Leggett & Platt by 7.1% in the first quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company's stock valued at $131,177,000 after purchasing an additional 1,105,256 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in Leggett & Platt by 15,000.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 634,200 shares of the company's stock valued at $5,017,000 after purchasing an additional 630,000 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Leggett & Platt during the 4th quarter valued at approximately $5,858,000. 64.23% of the stock is owned by institutional investors and hedge funds.

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.