Leggett & Platt (NYSE:LEG) Stock Price Up 4.7% – Should You Buy?

Leggett & Platt, Incorporated (NYSE:LEG) shares rose 4.7% on Tuesday . The company traded as high as $12.89 and last traded at $12.74. Approximately 511,051 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 2,296,257 shares. The stock had previously closed at $12.17.

Analysts Set New Price Targets

LEG has been the topic of a number of analyst reports. The Goldman Sachs Group dropped their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Truist Financial lifted their target price on Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat, Leggett & Platt currently has a consensus rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Trading Up 6.6 %

The firm has a market cap of $1.74 billion, a P/E ratio of -11.08 and a beta of 1.07. The company has a 50 day moving average of $12.79 and a 200 day moving average of $12.86. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.88 and a current ratio of 1.53.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.01). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.10 billion. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 12.65%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 EPS. Analysts predict that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were issued a $0.05 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.20 annualized dividend and a yield of 1.54%. Leggett & Platt’s dividend payout ratio (DPR) is currently -17.24%.

Institutional Investors Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently added to or reduced their stakes in LEG. SteelPeak Wealth LLC acquired a new stake in Leggett & Platt in the 1st quarter worth approximately $220,000. State of Michigan Retirement System lifted its holdings in shares of Leggett & Platt by 2.5% during the first quarter. State of Michigan Retirement System now owns 32,748 shares of the company’s stock worth $627,000 after buying an additional 800 shares during the last quarter. Insight Folios Inc lifted its holdings in shares of Leggett & Platt by 14.1% during the first quarter. Insight Folios Inc now owns 10,693 shares of the company’s stock worth $205,000 after buying an additional 1,319 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Leggett & Platt by 2.6% during the first quarter. Principal Financial Group Inc. now owns 502,257 shares of the company’s stock worth $9,618,000 after buying an additional 12,827 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Leggett & Platt by 155.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,716 shares of the company’s stock worth $933,000 after buying an additional 29,677 shares during 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.