Leggett & Platt (NYSE:LEG) Stock Price Up 4.7% - Here's Why

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) shares rose 4.7% on Tuesday . The stock traded as high as $12.89 and last traded at $12.74. Approximately 511,051 shares changed hands during trading, a decline of 78% from the average daily volume of 2,296,257 shares. The stock had previously closed at $12.17.

Wall Street Analysts Forecast Growth

Several research firms have commented on LEG. The Goldman Sachs Group decreased their target price on shares of Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday, July 10th. StockNews.com upgraded shares of Leggett & Platt from a "sell" rating to a "hold" rating in a research report on Wednesday, August 28th. Finally, Truist Financial lifted their price target on Leggett & Platt from $11.00 to $13.00 and gave the company a "hold" rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $12.67.

Leggett & Platt Stock Performance

The company's 50 day moving average is $12.79 and its 200 day moving average is $12.86. The firm has a market cap of $1.70 billion, a P/E ratio of -10.91 and a beta of 1.07. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.88 and a current ratio of 1.53.

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 for the quarter, missing analysts' consensus estimates of $0.33 by ($0.01). The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. The company's revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 EPS. As a group, equities analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Friday, September 13th. Leggett & Platt's payout ratio is -17.24%.

Hedge Funds Weigh In On Leggett & Platt

Several large investors have recently modified their holdings of LEG. Janney Montgomery Scott LLC increased its holdings in Leggett & Platt by 5.3% in the third quarter. Janney Montgomery Scott LLC now owns 87,882 shares of the company's stock valued at $1,197,000 after purchasing an additional 4,442 shares during the period. First Trust Direct Indexing L.P. acquired a new stake in shares of Leggett & Platt in the third quarter valued at about $273,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Leggett & Platt by 148.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 39,227 shares of the company's stock worth $534,000 after acquiring an additional 23,438 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Leggett & Platt by 9.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,730 shares of the company's stock worth $1,154,000 after acquiring an additional 6,955 shares during the period. Finally, Ballentine Partners LLC bought a new stake in Leggett & Platt in the third quarter valued at approximately $251,000. Institutional investors own 64.23% of the company's stock.

Leggett & Platt Company Profile

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.