Leggett & Platt (NYSE:LEG) Stock Price Up 6.3% – Still a Buy?

Leggett & Platt, Incorporated (NYSE:LEG)’s share price rose 6.3% on Monday . The company traded as high as $12.44 and last traded at $12.39. Approximately 121,540 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 2,254,911 shares. The stock had previously closed at $11.66.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. Truist Financial boosted their price target on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Wednesday, August 28th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Trading Up 0.7 %

The company has a market cap of $1.69 billion, a price-to-earnings ratio of -2.08 and a beta of 1.07. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13. The stock has a 50-day simple moving average of $12.67 and a 200 day simple moving average of $12.25.

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

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.59%. Leggett & Platt’s payout ratio is -3.33%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in shares of Leggett & Platt by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,156,322 shares of the company’s stock worth $29,377,000 after acquiring an additional 60,166 shares in the last quarter. M&T Bank Corp increased its position in shares of Leggett & Platt by 8.0% in the third quarter. M&T Bank Corp now owns 55,171 shares of the company’s stock valued at $751,000 after buying an additional 4,096 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its position in shares of Leggett & Platt by 30.0% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 64,566 shares of the company’s stock valued at $879,000 after buying an additional 14,909 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Leggett & Platt during the 3rd quarter valued at approximately $234,000. Finally, Wellington Management Group LLP acquired a new stake in Leggett & Platt in the 3rd quarter valued at $15,735,000. 64.23% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

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.