Leggett & Platt (NYSE:LEG) Sets New 52-Week Low – Should You Sell?

Leggett & Platt, Incorporated (NYSE:LEG) hit a new 52-week low on Wednesday . The company traded as low as $8.48 and last traded at $8.58, with a volume of 3221800 shares changing hands. The stock had previously closed at $8.90.

Analyst Ratings Changes

A number of brokerages have weighed in on LEG. The Goldman Sachs Group decreased their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Truist Financial cut their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $12.00.

Leggett & Platt Price Performance

The stock has a fifty day moving average price of $9.99 and a 200-day moving average price of $11.49. The firm has a market capitalization of $1.16 billion, a PE ratio of -2.30 and a beta of 1.12. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, hitting the consensus estimate of $0.21. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.03 billion. Sell-side analysts forecast that Leggett & Platt, Incorporated will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.05 per share. The ex-dividend date is Friday, March 14th. This represents a $0.20 annualized dividend and a yield of 2.33%. Leggett & Platt’s payout ratio is presently -5.36%.

Institutional Trading of Leggett & Platt

Several large investors have recently added to or reduced their stakes in LEG. Wellington Management Group LLP purchased a new stake in Leggett & Platt during the 3rd quarter valued at about $15,735,000. Invenomic Capital Management LP grew its stake in Leggett & Platt by 384.1% during the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock valued at $12,550,000 after purchasing an additional 731,132 shares during the last quarter. Vanguard Group Inc. grew its stake in Leggett & Platt by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company’s stock valued at $148,593,000 after purchasing an additional 722,024 shares during the last quarter. FMR LLC grew its stake in Leggett & Platt by 3,264.5% during the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock valued at $9,437,000 after purchasing an additional 672,290 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Leggett & Platt during the 4th quarter valued at about $5,858,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

About Leggett & Platt

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.