Leggett & Platt (NYSE:LEG) Reaches New 52-Week Low – Time to Sell?

Shares of Leggett & Platt, Incorporated (NYSE:LEG) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $9.18 and last traded at $9.31, with a volume of 274163 shares. The stock had previously closed at $9.56.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their target price for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Down 2.3 %

The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -1.55 and a beta of 1.07. The stock has a 50 day moving average of $11.69 and a 200 day moving average of $12.18.

Leggett & Platt (NYSE:LEG) last issued its 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 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 revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 EPS. As a group, analysts expect that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be issued 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 yield of 2.14%. Leggett & Platt’s dividend payout ratio is currently -3.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its holdings in shares of Leggett & Platt by 76.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after acquiring an additional 884 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Leggett & Platt in the 3rd quarter worth about $29,000. Point72 Hong Kong Ltd acquired a new stake in shares of Leggett & Platt in the third quarter valued at approximately $37,000. nVerses Capital LLC bought a new stake in shares of Leggett & Platt during the third quarter valued at approximately $41,000. Finally, Brooklyn Investment Group acquired a new position in shares of Leggett & Platt during the third quarter worth approximately $44,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

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.