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

Shares of Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $9.44 and last traded at $9.78, with a volume of 3171072 shares. The stock had previously closed at $9.69.

Analyst Upgrades and Downgrades

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

Leggett & Platt Stock Down 0.6 %

The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.84 and a current ratio of 1.48. The stock has a market capitalization of $1.31 billion, a P/E ratio of -1.62 and a beta of 1.07. The company's 50-day moving average price is $11.92 and its 200 day moving average price is $12.22.

Leggett & Platt (NYSE:LEG - Get Free Report) last released 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 company had revenue of $1.10 billion during the quarter, compared to analysts' expectations 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 period last year, the firm posted $0.36 EPS. As a group, equities analysts expect that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Friday, December 13th. Leggett & Platt's dividend payout ratio is -3.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp grew its holdings in shares of Leggett & Platt by 367.8% in the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company's stock worth $39,000 after purchasing an additional 2,670 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in Leggett & Platt by 75.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 67,400 shares of the company's stock worth $772,000 after acquiring an additional 29,000 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Leggett & Platt by 11.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 152,102 shares of the company's stock worth $1,743,000 after acquiring an additional 15,893 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Leggett & Platt by 55.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,103 shares of the company's stock worth $437,000 after acquiring an additional 13,593 shares during the period. Finally, AM Investment Strategies LLC raised its stake in shares of Leggett & Platt by 181.3% during the second quarter. AM Investment Strategies LLC now owns 86,078 shares of the company's stock valued at $986,000 after acquiring an additional 55,478 shares in the last quarter. Institutional investors own 64.23% of the company's stock.

About Leggett & Platt

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.