Leggett & Platt (NYSE:LEG) Reaches New 12-Month Low at $10.74

Leggett & Platt, Incorporated (NYSE:LEG) hit a new 52-week low on Thursday . The stock traded as low as $10.74 and last traded at $10.75, with a volume of 392862 shares changing hands. The stock had previously closed at $11.21.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. The Goldman Sachs Group lowered their price objective on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. TheStreet downgraded shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Truist Financial cut their price target on shares of Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research note on Friday, May 3rd. Finally, Piper Sandler cut their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, Leggett & Platt has a consensus rating of “Hold” and an average price target of $13.33.

Leggett & Platt Trading Down 0.7 %

The firm’s 50-day moving average is $16.24 and its 200 day moving average is $20.88. 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 firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -9.17 and a beta of 1.19.

Leggett & Platt (NYSE:LEG) last released its earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates 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 was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 EPS. On average, equities analysts predict that Leggett & Platt, Incorporated will post 1.13 earnings per share for the current fiscal year.

Leggett & Platt Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently -158.62%.

Insider Transactions at Leggett & Platt

In related news, Director Mark A. Blinn acquired 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Leggett & Platt news, Director Mark A. Blinn purchased 6,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $10.74 per share, with a total value of $64,440.00. Following the completion of the purchase, the director now directly owns 32,302 shares of the company’s stock, valued at approximately $346,923.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the stock in a transaction on Thursday, May 2nd. The shares were purchased at an average cost of $13.39 per share, with a total value of $133,900.00. Following the transaction, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The disclosure for this purchase can be found here. Insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Leggett & Platt during the 4th quarter valued at approximately $26,814,000. Pacer Advisors Inc. boosted its position in Leggett & Platt by 68.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock valued at $50,636,000 after purchasing an additional 786,297 shares in the last quarter. Qube Research & Technologies Ltd boosted its position in Leggett & Platt by 329.6% during the third quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock valued at $21,198,000 after purchasing an additional 640,015 shares in the last quarter. Invesco Ltd. boosted its position in Leggett & Platt by 45.7% during the third quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock valued at $43,186,000 after purchasing an additional 532,780 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Leggett & Platt by 675.3% in the third quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock worth $12,121,000 after acquiring an additional 415,641 shares in the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

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.