Leggett & Platt (NYSE:LEG) Hits New 52-Week High – Here’s What Happened
by Sarita Garza · The Markets DailyLeggett & Platt, Incorporated (NYSE:LEG – Get Free Report)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $12.78 and last traded at $12.4150, with a volume of 601522 shares traded. The stock had previously closed at $12.19.
Analyst Ratings Changes
Several analysts have commented on the company. The Goldman Sachs Group reiterated a “neutral” rating and set a $11.00 target price on shares of Leggett & Platt in a research note on Wednesday, October 29th. Piper Sandler upped their target price on shares of Leggett & Platt from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, December 11th. Truist Financial upped their price objective on Leggett & Platt from $10.00 to $12.00 and gave the stock a “hold” rating in a report on Wednesday, October 29th. Wall Street Zen cut Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Finally, Zacks Research downgraded Leggett & Platt from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.67.
Read Our Latest Stock Analysis on Leggett & Platt
Leggett & Platt Price Performance
The company has a debt-to-equity ratio of 1.54, a current ratio of 2.15 and a quick ratio of 1.35. The stock’s fifty day moving average is $11.51 and its 200-day moving average is $10.05. The stock has a market capitalization of $1.68 billion, a PE ratio of 7.68 and a beta of 0.72.
Leggett & Platt Announces Dividend
The business 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 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, December 15th. Leggett & Platt’s dividend payout ratio (DPR) is 12.42%.
Institutional Investors Weigh In On Leggett & Platt
A number of large investors have recently modified their holdings of LEG. Vanguard Group Inc. lifted its position in shares of Leggett & Platt by 9.1% during the 3rd 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 last quarter. Norges Bank purchased a new position in shares of Leggett & Platt during the second quarter worth about $10,706,000. M&T Bank Corp increased its position in shares of Leggett & Platt by 8,333.0% during the fourth quarter. M&T Bank Corp now owns 1,132,132 shares of the company’s stock worth $12,453,000 after purchasing an additional 1,118,707 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Leggett & Platt by 47.8% in the 2nd quarter. Geode Capital Management LLC now owns 3,175,556 shares of the company’s stock valued at $28,330,000 after purchasing an additional 1,026,608 shares during the period. Finally, Marshall Wace LLP grew its stake 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 buying an additional 890,577 shares during the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.
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.