Leggett & Platt (NYSE:LEG) Shares Down 5.5%

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price fell 5.5% on Tuesday . The company traded as low as $11.36 and last traded at $11.38. 1,109,586 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 2,687,191 shares. The stock had previously closed at $12.04.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on LEG shares. The Goldman Sachs Group dropped their price target on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Truist Financial dropped their price target on shares of Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. StockNews.com cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Wednesday, June 19th. Finally, Piper Sandler dropped their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.33.

Leggett & Platt Trading Down 3.7 %

The stock has a fifty day simple moving average of $13.04 and a 200 day simple moving average of $18.90. The firm has a market capitalization of $1.44 billion, a P/E ratio of -9.28 and a beta of 1.10. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the firm posted $0.39 earnings per share. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. As a group, research analysts forecast that Leggett & Platt, Incorporated will post 1.13 EPS for the current year.

Leggett & Platt Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be issued a $0.05 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.86%. Leggett & Platt’s dividend payout ratio is presently -17.24%.

Insider Transactions at Leggett & Platt

In other news, CFO Benjamin Michael Burns acquired 3,850 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were acquired at an average cost of $12.20 per share, with a total value of $46,970.00. Following the acquisition, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at $992,616.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Benjamin Michael Burns acquired 3,850 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were acquired at an average cost of $12.20 per share, with a total value of $46,970.00. Following the acquisition, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at $992,616.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Karl G. Glassman acquired 23,800 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,151,891 shares in the company, valued at $13,223,708.68. The disclosure for this purchase can be found here. Insiders have bought 65,635 shares of company stock valued at $773,447 in the last ninety days. Corporate insiders own 1.57% of the company’s stock.

Institutional Trading of Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Insight Folios Inc grew its position in Leggett & Platt by 5.2% in the 4th quarter. Insight Folios Inc now owns 9,374 shares of the company’s stock valued at $245,000 after acquiring an additional 460 shares during the last quarter. Federated Hermes Inc. grew its position in Leggett & Platt by 2.8% in the 3rd quarter. Federated Hermes Inc. now owns 18,641 shares of the company’s stock valued at $474,000 after acquiring an additional 499 shares during the last quarter. Treasurer of the State of North Carolina grew its position in Leggett & Platt by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 58,754 shares of the company’s stock valued at $1,538,000 after acquiring an additional 570 shares during the last quarter. GPS Wealth Strategies Group LLC grew its position in Leggett & Platt by 15.1% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 4,624 shares of the company’s stock valued at $121,000 after acquiring an additional 605 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its position in shares of Leggett & Platt by 18.5% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 3,888 shares of the company’s stock worth $99,000 after buying an additional 606 shares in the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock.

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.