Leggett & Platt (NYSE:LEG) Reaches New 12-Month Low at $26.32

Shares of Leggett & Platt, Incorporated (NYSE:LEG) reached a new 52-week low during trading on Wednesday . The company traded as low as $26.32 and last traded at $26.44, with a volume of 136589 shares trading hands. The stock had previously closed at $26.70.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LEG. StockNews.com started coverage on shares of Leggett & Platt in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Truist Financial dropped their target price on Leggett & Platt from $35.00 to $31.00 and set a “hold” rating for the company in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $28.67.

Leggett & Platt Stock Performance

The firm’s 50 day moving average price is $28.80 and its two-hundred day moving average price is $30.58. The firm has a market cap of $3.53 billion, a PE ratio of 15.71 and a beta of 1.28. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.10 and a current ratio of 1.99.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Monday, July 31st. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.01). Leggett & Platt had a return on equity of 14.02% and a net margin of 4.71%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the company posted $0.70 earnings per share. The company’s revenue was down 8.5% on a year-over-year basis. On average, research analysts forecast that Leggett & Platt, Incorporated will post 1.52 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 6.95%. The ex-dividend date is Thursday, September 14th. Leggett & Platt’s payout ratio is 108.24%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AGF Management Ltd. raised its stake in shares of Leggett & Platt by 2.3% in the 1st quarter. AGF Management Ltd. now owns 100,236 shares of the company’s stock valued at $3,196,000 after acquiring an additional 2,289 shares during the period. Epoch Investment Partners Inc. lifted its stake in Leggett & Platt by 0.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 1,883,683 shares of the company’s stock worth $60,711,000 after purchasing an additional 14,983 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Leggett & Platt during the first quarter worth $466,000. FORVIS Wealth Advisors LLC acquired a new stake in shares of Leggett & Platt in the first quarter valued at $659,000. Finally, Truadvice LLC purchased a new stake in shares of Leggett & Platt in the 1st quarter valued at $241,000. Institutional investors and hedge funds own 60.26% of the company’s stock.

About Leggett & Platt

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, private label finished mattresses, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.