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

Leggett & Platt, Incorporated (NYSE:LEG) saw a large 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. Currently, 5.0% of the shares of the company are sold short. Based on an average daily volume of 3,074,115 shares, the short-interest ratio is currently 2.2 days. Based on an average daily volume of 3,074,115 shares, the short-interest ratio is currently 2.2 days. Currently, 5.0% of the shares of the company are sold short.

Leggett & Platt Price Performance

LEG stock traded up $0.05 during midday trading on Wednesday, reaching $10.99. The stock had a trading volume of 982,644 shares, compared to its average volume of 1,727,437. Leggett & Platt has a 52-week low of $6.47 and a 52-week high of $12.03. 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 company’s fifty day simple moving average is $10.18 and its 200 day simple moving average is $9.65. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 6.83 and a beta of 0.75.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Monday, October 27th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $1.04 billion during 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%. Leggett & Platt’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the company earned $0.32 earnings per share. Leggett & Platt has set its FY 2025 guidance at 1.000-1.100 EPS. As a group, sell-side analysts predict that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

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

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LEG. American Century Companies Inc. increased its stake in shares of Leggett & Platt by 18.4% in the 1st quarter. American Century Companies Inc. now owns 164,600 shares of the company’s stock worth $1,302,000 after acquiring an additional 25,628 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Leggett & Platt by 36.3% in the first quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock valued at $9,298,000 after purchasing an additional 312,840 shares during the period. State of Wyoming acquired a new stake in Leggett & Platt during the first quarter worth about $89,000. Canada Pension Plan Investment Board raised its stake in Leggett & Platt by 15,000.0% during the first quarter. Canada Pension Plan Investment Board now owns 634,200 shares of the company’s stock worth $5,017,000 after purchasing an additional 630,000 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its holdings in Leggett & Platt by 1,495.6% in the 1st quarter. Cubist Systematic Strategies LLC now owns 1,539,758 shares of the company’s stock valued at $12,179,000 after purchasing an additional 1,443,257 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages 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. Weiss Ratings reiterated a “hold (c-)” rating on shares of Leggett & Platt in a research note on Monday. Truist Financial raised their target price 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 upped their price target on shares of Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, December 11th. Finally, Zacks Research lowered Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.67.

About Leggett & Platt

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.