Leggett & Platt, Incorporated (NYSE:LEG) Short Interest Update

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 8,300,000 shares, an increase of 17.1% from the March 15th total of 7,090,000 shares. Based on an average trading volume of 1,700,000 shares, the days-to-cover ratio is presently 4.9 days. Approximately 6.3% of the shares of the company are sold short.

Leggett & Platt Price Performance

NYSE:LEG traded down $0.31 during trading hours on Friday, hitting $17.66. 1,809,890 shares of the stock traded hands, compared to its average volume of 1,857,250. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26. Leggett & Platt has a 1 year low of $17.59 and a 1 year high of $33.50. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -17.66 and a beta of 1.17. The stock has a 50 day moving average price of $19.81 and a 200 day moving average price of $22.87.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings results on Friday, February 9th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The firm had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. During the same period in the prior year, the firm earned $0.39 EPS. Leggett & Platt's revenue for the quarter was down 6.7% compared to the same quarter last year. Sell-side analysts forecast that Leggett & Platt will post 1.17 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 15th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 10.42%. The ex-dividend date of this dividend is Thursday, March 14th. Leggett & Platt's payout ratio is currently -184.00%.

Institutional Investors Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently modified their holdings of the stock. Ramirez Asset Management Inc. bought a new stake in Leggett & Platt in the third quarter worth $25,000. Quent Capital LLC increased its position in Leggett & Platt by 133.6% in the third quarter. Quent Capital LLC now owns 1,014 shares of the company's stock worth $26,000 after purchasing an additional 580 shares during the last quarter. Fifth Third Bancorp increased its position in Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company's stock worth $26,000 after purchasing an additional 722 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Leggett & Platt in the second quarter worth $28,000. Finally, Quarry LP purchased a new position in Leggett & Platt during the fourth quarter worth $30,000. Institutional investors own 64.23% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Truist Financial dropped their price target on shares of Leggett & Platt from $18.00 to $16.00 and set a "hold" rating on the stock in a report on Tuesday, March 26th. StockNews.com downgraded shares of Leggett & Platt from a "hold" rating to a "sell" rating in a report on Monday, March 11th. Finally, TheStreet downgraded shares of Leggett & Platt from a "c" rating to a "d+" rating in a report on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $19.33.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.