Leggett & Platt (NYSE:LEG) Shares Up 6.7% - Should You Buy?

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report)'s stock price rose 6.7% on Wednesday . The stock traded as high as $8.40 and last traded at $8.39. Approximately 2,079,470 shares were traded during trading, a decline of 14% from the average daily volume of 2,429,236 shares. The stock had previously closed at $7.86.

Analyst Ratings Changes

A number of equities research analysts have recently commented on LEG shares. The Goldman Sachs Group dropped their target price on Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 14th. Truist Financial decreased their target price 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 Price Performance

The stock has a market cap of $973.45 million, a price-to-earnings ratio of -1.94 and a beta of 0.98. The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 2.70. The company's fifty day moving average is $9.12 and its two-hundred day moving average is $10.82.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.03 billion. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. As a group, research analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.20 dividend on an annualized basis and a yield of 2.77%. Leggett & Platt's dividend payout ratio is currently -5.36%.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its holdings in Leggett & Platt by 3,264.5% during the 3rd quarter. FMR LLC now owns 692,884 shares of the company's stock worth $9,437,000 after buying an additional 672,290 shares during the last quarter. Captrust Financial Advisors purchased a new position in Leggett & Platt in the third quarter valued at approximately $144,000. Verition Fund Management LLC raised its holdings in Leggett & Platt by 649.6% during the third quarter. Verition Fund Management LLC now owns 97,675 shares of the company's stock worth $1,330,000 after purchasing an additional 84,645 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Leggett & Platt during the 3rd quarter worth approximately $29,000. Finally, Quantinno Capital Management LP boosted its holdings in shares of Leggett & Platt by 68.4% in the 3rd quarter. Quantinno Capital Management LP now owns 105,754 shares of the company's stock valued at $1,440,000 after buying an additional 42,939 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

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.