Why Is Legget & Platt (LEG) Down 20.9% Since Last Earnings Report?
Legget & Platt (LEG) reported earnings 30 days ago. What's next for the stock?
Private Advisor Group LLC Acquires 1,551 Shares of Leggett & Platt, Incorporated (NYSE:LEG)
Private Advisor Group LLC boosted its stake in Leggett & Platt, Incorporated (NYSE:LEG – Free Report) by 8.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,610 shares of the company’s stock after buying an additional 1,551 shares during the period. Private Advisor Group LLC’s holdings in Leggett & Platt were worth $513,000 at the end of the most recent reporting period. Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Leggett & Platt by 0.9% during the third quarter. Vanguard Group Inc. now owns 12,946,981 shares of the company’s stock valued at $328,983,000 after purchasing an additional 117,499 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Leggett & Platt by 7.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,231,637 shares of the company’s stock worth $154,888,000 after purchasing an additional 405,363 shares during the period. Pacer Advisors Inc. increased its stake in shares of Leggett & Platt by 68.5% in the fourth quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock worth $50,636,000 after purchasing an additional 786,297 shares in the last quarter. Invesco Ltd. raised its holdings in Leggett & Platt by 45.7% during the third quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock valued at $43,186,000 after acquiring an additional 532,780 shares during the period. Finally, Qube Research & Technologies Ltd grew its position in shares of Leggett & Platt by 329.6% during the third quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock worth $21,198,000 after purchasing an additional 640,015 shares in the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock. Insiders Place Their Bets In other Leggett & Platt news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the acquisition, the executive vice president now owns 41,535 shares in the company, valued at approximately $556,153.65. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.57% of the stock is currently owned by corporate insiders. Leggett & Platt Price Performance LEG opened at $12.07 on Monday. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. The business’s fifty day simple moving average is $17.05 and its 200-day simple moving average is $21.28. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -10.41 and a beta of 1.19. Leggett & Platt, Incorporated has a 12-month low of $11.02 and a 12-month high of $33.06. Leggett & Platt (NYSE:LEG – Get Free Report) last issued its earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. The firm’s revenue was down 9.6% on a year-over-year basis. On average, equities research analysts anticipate that Leggett & Platt, Incorporated will post 1.13 earnings per share for the current fiscal year. Leggett & Platt Cuts Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s payout ratio is -158.62%. Wall Street Analysts Forecast Growth LEG has been the subject of a number of research reports. Piper Sandler dropped their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Tuesday, May 7th. The Goldman Sachs Group lowered their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Truist Financial dropped their target price on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. Finally, TheStreet downgraded shares of Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. One investment 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, the stock currently has an average rating of “Hold” and an average price target of $13.33. Check Out Our Latest Research Report on LEG About Leggett & Platt (Free Report) 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.
