Leggett & Platt (NYSE:LEG) Shares Down 5.2% - Here's Why

Shares of Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) fell 5.2% during trading on Tuesday . The stock traded as low as $10.49 and last traded at $10.48. 609,989 shares traded hands during trading, a decline of 62% from the average session volume of 1,593,554 shares. The stock had previously closed at $11.05.

Wall Street Analysts Forecast Growth

Several research firms recently commented on LEG. Truist Financial dropped their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a "hold" rating on the stock in a research report on Wednesday. The Goldman Sachs Group dropped their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 14th. Finally, Piper Sandler upgraded shares of Leggett & Platt from an "underweight" rating to a "neutral" rating and raised their price target for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $12.00.

Leggett & Platt Trading Down 3.5 %

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 firm has a market capitalization of $1.42 billion, a PE ratio of -1.76 and a beta of 1.11. The company's fifty day simple moving average is $10.78 and its 200-day simple moving average is $11.96.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Friday, December 13th. Leggett & Platt's payout ratio is -3.33%.

Hedge Funds Weigh In On Leggett & Platt

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc lifted its holdings in Leggett & Platt by 7.7% during the fourth quarter. CIBC Asset Management Inc now owns 13,986 shares of the company's stock valued at $134,000 after purchasing an additional 1,001 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Leggett & Platt in the fourth quarter worth about $108,000. Principal Financial Group Inc. lifted its stake in shares of Leggett & Platt by 3.1% in the fourth quarter. Principal Financial Group Inc. now owns 651,204 shares of the company's stock worth $6,252,000 after buying an additional 19,467 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of Leggett & Platt by 19.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 183,333 shares of the company's stock worth $1,760,000 after buying an additional 29,924 shares in the last quarter. Finally, Entropy Technologies LP lifted its stake in shares of Leggett & Platt by 28.6% in the fourth quarter. Entropy Technologies LP now owns 28,791 shares of the company's stock worth $276,000 after buying an additional 6,407 shares in the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

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.