Short Interest in Leggett & Platt, Incorporated (NYSE:LEG) Declines By 23.8%

Leggett & Platt, Incorporated (NYSE:LEG) saw a significant drop in short interest in December. As of December 15th, there was short interest totaling 6,668,510 shares, a drop of 23.8% from the November 30th total of 8,746,384 shares. Based on an average trading volume of 3,074,115 shares, the days-to-cover ratio is currently 2.2 days. Currently, 5.0% of the company’s stock are sold short. Currently, 5.0% of the company’s stock are sold short. Based on an average trading volume of 3,074,115 shares, the days-to-cover ratio is currently 2.2 days.

Leggett & Platt Stock Performance

NYSE LEG traded down $0.08 during trading hours on Tuesday, reaching $10.94. The company’s stock had a trading volume of 1,328,329 shares, compared to its average volume of 1,842,620. The company has a current ratio of 2.15, a quick ratio of 1.35 and a debt-to-equity ratio of 1.54. The business has a 50-day simple moving average of $10.14 and a 200 day simple moving average of $9.64. The stock has a market cap of $1.48 billion, a PE ratio of 6.79 and a beta of 0.75. Leggett & Platt has a 52 week low of $6.47 and a 52 week high of $12.03.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Monday, October 27th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Leggett & Platt had a net margin of 5.38% and a return on equity of 16.27%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 EPS. Leggett & Platt has set its FY 2025 guidance at 1.000-1.100 EPS. Equities research analysts predict that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Monday, December 15th will be paid a $0.05 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.20 annualized dividend and a dividend yield of 1.8%. Leggett & Platt’s dividend payout ratio (DPR) is presently 12.42%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LEG. Palisade Asset Management LLC acquired a new position in Leggett & Platt during the 3rd quarter valued at about $29,000. Quent Capital LLC bought a new stake in Leggett & Platt during the third quarter worth approximately $34,000. Advisory Services Network LLC acquired a new stake in Leggett & Platt in the third quarter worth approximately $51,000. Nisa Investment Advisors LLC bought a new position in Leggett & Platt during the 2nd quarter valued at $76,000. Finally, State of Wyoming acquired a new stake in shares of Leggett & Platt in the first quarter valued at $89,000. Institutional investors and hedge funds own 64.23% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Zacks Research downgraded shares of Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Truist Financial boosted their price objective on shares of Leggett & Platt from $10.00 to $12.00 and gave the stock a “hold” rating in a report on Wednesday, October 29th. Piper Sandler raised their target price on Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $11.00 target price on shares of Leggett & Platt in a research report on Wednesday, October 29th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Leggett & Platt in a research report on Monday. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Leggett & Platt currently has a consensus rating of “Hold” and a consensus price target of $11.67.

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.