Leggett & Platt, Incorporated (NYSE:LEG) Sees Large Growth in Short Interest

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) was the recipient of a large increase in short interest in February. As of February 28th, there was short interest totalling 7,760,000 shares, an increase of 27.6% from the February 13th total of 6,080,000 shares. Approximately 5.9% of the shares of the stock are short sold. Based on an average trading volume of 2,060,000 shares, the short-interest ratio is presently 3.8 days.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on LEG shares. The Goldman Sachs Group decreased their price objective on Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, January 14th. Truist Financial cut their price objective on Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research report on Wednesday, January 29th.

Leggett & Platt Stock Down 0.7 %

Shares of LEG stock traded down $0.06 during mid-day trading on Friday, hitting $8.25. The company's stock had a trading volume of 606,378 shares, compared to its average volume of 2,212,870. Leggett & Platt has a 52-week low of $7.92 and a 52-week high of $19.33. The business has a 50-day moving average price of $9.69 and a 200 day moving average price of $11.16. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -2.21 and a beta of 1.11.

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Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.21 EPS 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 company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.03 billion. Research analysts predict that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Friday, March 14th. Leggett & Platt's payout ratio is -5.36%.

Institutional Trading of Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new stake in shares of Leggett & Platt during the third quarter worth about $15,735,000. Invenomic Capital Management LP lifted its stake in shares of Leggett & Platt by 384.1% during the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company's stock worth $12,550,000 after acquiring an additional 731,132 shares during the last quarter. Vanguard Group Inc. increased its holdings in Leggett & Platt by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company's stock worth $148,593,000 after purchasing an additional 722,024 shares during the period. FMR LLC increased its holdings in shares of Leggett & Platt by 3,264.5% in the 3rd quarter. FMR LLC now owns 692,884 shares of the company's stock valued at $9,437,000 after acquiring an additional 672,290 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Leggett & Platt in the 4th quarter valued at $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.