Leggett & Platt (NYSE:LEG) Reaches New 52-Week Low – Here’s What Happened

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $9.44 and last traded at $9.78, with a volume of 3171072 shares. The stock had previously closed at $9.69.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $11.00 to $13.00 in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $12.67.

Leggett & Platt Price Performance

The company’s 50 day simple moving average is $11.92 and its two-hundred day simple moving average is $12.22. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84. The stock has a market capitalization of $1.31 billion, a P/E ratio of -1.62 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 earnings per share. As a group, equities analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 annualized dividend and a yield of 2.06%. Leggett & Platt’s dividend payout ratio (DPR) is -3.33%.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its position in shares of Leggett & Platt by 76.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock worth $28,000 after acquiring an additional 884 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Leggett & Platt during the 3rd quarter worth about $29,000. Point72 Hong Kong Ltd acquired a new position in Leggett & Platt during the 3rd quarter valued at about $37,000. nVerses Capital LLC bought a new position in shares of Leggett & Platt in the 3rd quarter valued at about $41,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Leggett & Platt during the 3rd quarter worth approximately $44,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

About Leggett & Platt

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.