Leggett & Platt, Incorporated (NYSE:LEG) Sees Significant Drop in Short Interest

Leggett & Platt, Incorporated (NYSE:LEG) saw a large drop in short interest during the month of January. As of January 15th, there was short interest totaling 5,497,448 shares, a drop of 16.0% from the December 31st total of 6,546,991 shares. Based on an average daily trading volume, of 1,673,596 shares, the short-interest ratio is presently 3.3 days. Approximately 4.1% of the shares of the company are short sold. Approximately 4.1% of the shares of the company are short sold. Based on an average daily trading volume, of 1,673,596 shares, the short-interest ratio is presently 3.3 days.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on LEG. The Goldman Sachs Group reiterated a “neutral” rating and issued a $11.00 price target on shares of Leggett & Platt in a report on Wednesday, October 29th. Wall Street Zen downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Leggett & Platt in a research note on Monday, December 29th. Piper Sandler increased their target price on shares of Leggett & Platt from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. Finally, Truist Financial lifted their price target on shares of Leggett & Platt from $10.00 to $12.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $11.67.

Institutional Investors Weigh In On Leggett & Platt

Several large investors have recently made changes to their positions in LEG. Vanguard Group Inc. boosted its position in shares of Leggett & Platt by 9.1% during the third quarter. Vanguard Group Inc. now owns 18,707,102 shares of the company’s stock worth $166,119,000 after buying an additional 1,557,459 shares during the period. Norges Bank acquired a new stake in Leggett & Platt in the 2nd quarter valued at approximately $10,706,000. M&T Bank Corp raised its stake in Leggett & Platt by 8,333.0% during the 4th quarter. M&T Bank Corp now owns 1,132,132 shares of the company’s stock valued at $12,453,000 after acquiring an additional 1,118,707 shares in the last quarter. Geode Capital Management LLC boosted its position in Leggett & Platt by 47.8% during the 2nd quarter. Geode Capital Management LLC now owns 3,175,556 shares of the company’s stock worth $28,330,000 after acquiring an additional 1,026,608 shares during the period. Finally, Marshall Wace LLP boosted its position in Leggett & Platt by 35.8% during the 2nd quarter. Marshall Wace LLP now owns 3,380,980 shares of the company’s stock worth $30,158,000 after acquiring an additional 890,577 shares during the period. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

NYSE LEG traded up $0.19 during trading hours on Tuesday, hitting $12.38. The company had a trading volume of 2,790,165 shares, compared to its average volume of 1,347,309. The company has a quick ratio of 1.35, a current ratio of 2.15 and a debt-to-equity ratio of 1.54. The firm has a market cap of $1.68 billion, a P/E ratio of 7.69 and a beta of 0.72. Leggett & Platt has a fifty-two week low of $6.47 and a fifty-two week high of $12.78. The business has a fifty day simple moving average of $11.56 and a 200-day simple moving average of $10.07.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Monday, December 15th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Monday, December 15th. Leggett & Platt’s payout ratio is presently 12.42%.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.