Leggett & Platt (NYSE:LEG) Shares Down 3.3%

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price was down 3.3% on Tuesday . The company traded as low as $11.03 and last traded at $11.04. Approximately 272,290 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 2,713,364 shares. The stock had previously closed at $11.42.

Analyst Ratings Changes

A number of brokerages have recently issued reports on LEG. TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Piper Sandler decreased their price objective on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Friday, June 28th. Truist Financial reduced their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, June 27th. Finally, The Goldman Sachs Group lowered their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat, Leggett & Platt presently has an average rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Performance

The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. The business’s fifty day moving average price is $12.35 and its two-hundred day moving average price is $18.37.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.39 EPS. Sell-side analysts anticipate that Leggett & Platt, Incorporated will post 1.13 EPS for the current fiscal 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 of this dividend is Friday, June 14th. This represents a $0.20 annualized dividend and a yield of 1.79%. Leggett & Platt’s dividend payout ratio (DPR) is presently -17.24%.

Insider Buying and Selling at Leggett & Platt

In other Leggett & Platt news, CFO Benjamin Michael Burns acquired 3,850 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were purchased at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the purchase, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at $992,616.40. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Mark A. Blinn purchased 6,000 shares of Leggett & Platt stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average cost of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the transaction, the director now owns 32,302 shares in the company, valued at $346,923.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Benjamin Michael Burns acquired 3,850 shares of the stock in a transaction on Thursday, June 6th. The stock was bought at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the transaction, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 65,635 shares of company stock worth $773,447. Company insiders own 1.92% of the company’s stock.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors have recently made changes to their positions in the company. Abich Financial Wealth Management LLC boosted its holdings in Leggett & Platt by 93.2% during the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after buying an additional 931 shares in the last quarter. IMS Capital Management purchased a new stake in shares of Leggett & Platt during the 1st quarter worth about $232,000. Cetera Advisors LLC acquired a new stake in shares of Leggett & Platt during the 1st quarter valued at about $418,000. Virtu Financial LLC purchased a new position in shares of Leggett & Platt in the 1st quarter valued at about $231,000. Finally, Comerica Bank raised its holdings in Leggett & Platt by 2.4% in the 1st quarter. Comerica Bank now owns 68,968 shares of the company’s stock worth $1,321,000 after purchasing an additional 1,633 shares during the period. 64.23% of the stock is owned by hedge funds and other institutional investors.

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.