Leggett & Platt (NYSE:LEG) Trading Down 5% - Time to Sell?

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report)'s share price was down 5% on Tuesday . The company traded as low as $12.34 and last traded at $12.41. Approximately 541,142 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 2,320,350 shares. The stock had previously closed at $13.06.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on LEG shares. StockNews.com upgraded shares of Leggett & Platt from a "sell" rating to a "hold" rating in a research note on Wednesday, August 28th. Truist Financial lifted their price objective on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a "hold" rating in a research note on Monday, August 5th. Finally, The Goldman Sachs Group reduced their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating and three have given a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $12.67.

Leggett & Platt Price Performance

The company has a debt-to-equity ratio of 2.55, a current ratio of 1.53 and a quick ratio of 0.88. The firm has a market capitalization of $1.65 billion, a P/E ratio of -10.64 and a beta of 1.07. The firm's 50 day simple moving average is $12.80 and its two-hundred day simple moving average is $13.04.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, hitting the consensus estimate of $0.29. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 12.65%. As a group, analysts predict that Leggett & Platt, Incorporated will post 1.14 earnings per share for the current year.

Leggett & Platt Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.62%. The ex-dividend date was Friday, September 13th. Leggett & Platt's dividend payout ratio is presently -17.24%.

Institutional Trading of Leggett & Platt

Several hedge funds have recently added to or reduced their stakes in LEG. Abich Financial Wealth Management LLC raised its stake in shares of Leggett & Platt by 93.2% during the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company's stock valued at $37,000 after acquiring an additional 931 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Leggett & Platt by 76.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company's stock valued at $28,000 after acquiring an additional 884 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Leggett & Platt during the third quarter valued at about $41,000. CVA Family Office LLC bought a new position in shares of Leggett & Platt during the second quarter valued at about $36,000. Finally, Fifth Third Bancorp raised its stake in shares of Leggett & Platt by 367.8% during the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company's stock valued at $39,000 after acquiring an additional 2,670 shares during the last quarter. 64.23% of the stock is owned by institutional investors.

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.