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Leggett & Platt (NYSE:LEG) Reaches New 1-Year Low - Should You Sell?

Leggett & Platt logo with Consumer Discretionary background

Shares of Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $10.08 and last traded at $10.17, with a volume of 1569526 shares traded. The stock had previously closed at $10.80.

Wall Street Analyst Weigh In

Several research firms have commented on LEG. StockNews.com raised shares of Leggett & Platt from a "sell" rating to a "hold" rating in a research report on Wednesday, August 28th. Piper Sandler upgraded shares of Leggett & Platt from an "underweight" rating to a "neutral" rating and boosted their price objective for the stock from $11.00 to $13.00 in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $12.67.

Check Out Our Latest Report on Leggett & Platt

Leggett & Platt Stock Down 6.2 %

The company has a market capitalization of $1.36 billion, a PE ratio of -1.69 and a beta of 1.07. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84. The company has a 50-day moving average of $12.22 and a two-hundred day moving average of $12.31.

Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.01). Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.10 billion. During the same period last year, the company earned $0.36 earnings per share. The firm's revenue was down 6.3% on a year-over-year basis. Sell-side analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently declared 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. This represents a $0.20 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Friday, December 13th. Leggett & Platt's dividend payout ratio is currently -3.33%.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. lifted its stake in shares of Leggett & Platt by 426.2% in the second quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company's stock worth $160,923,000 after buying an additional 11,373,507 shares in the last quarter. AQR Capital Management LLC lifted its stake in Leggett & Platt by 1,098.0% in the second quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company's stock worth $22,160,000 after acquiring an additional 1,838,009 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Leggett & Platt during the third quarter worth $15,735,000. Invenomic Capital Management LP increased its holdings in shares of Leggett & Platt by 384.1% in the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company's stock valued at $12,550,000 after acquiring an additional 731,132 shares during the last quarter. Finally, FMR LLC raised its holdings in Leggett & Platt by 3,264.5% during the third quarter. FMR LLC now owns 692,884 shares of the company's stock worth $9,437,000 after purchasing an additional 672,290 shares in the last quarter. Institutional investors and hedge funds own 64.23% of the company's stock.

About Leggett & Platt

(Get Free Report)

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.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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