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

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

Analyst Upgrades and Downgrades

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

Leggett & Platt Stock Performance

The company has a market capitalization of $1.43 billion, a PE ratio of -9.17 and a beta of 1.19. The business’s fifty day moving average is $16.24 and its two-hundred 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.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The company’s revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 EPS. Equities research analysts predict that Leggett & Platt, Incorporated will post 1.13 earnings per share for the current year.

Leggett & Platt Cuts Dividend

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

Insider Activity

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

Institutional Investors Weigh In On Leggett & Platt

Institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Leggett & Platt by 41.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,377 shares of the company’s stock worth $365,000 after buying an additional 4,186 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Leggett & Platt by 34.0% in the 3rd quarter. Teacher Retirement System of Texas now owns 20,521 shares of the company’s stock worth $521,000 after purchasing an additional 5,209 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Leggett & Platt by 139.2% in the 3rd quarter. Daiwa Securities Group Inc. now owns 7,917 shares of the company’s stock worth $201,000 after purchasing an additional 4,607 shares in the last quarter. M&T Bank Corp lifted its stake in Leggett & Platt by 2.4% in the 3rd quarter. M&T Bank Corp now owns 52,926 shares of the company’s stock worth $1,345,000 after purchasing an additional 1,228 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Leggett & Platt by 30.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 26,480 shares of the company’s stock worth $673,000 after purchasing an additional 6,210 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors and hedge funds.

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.