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

Leggett & Platt, Incorporated (NYSE:LEG) saw a large increase in short interest in the month of February. As of February 27th, there was short interest totaling 8,724,370 shares, an increase of 59.0% from the February 12th total of 5,488,558 shares. Currently, 6.6% of the shares of the stock are sold short. Based on an average trading volume of 1,870,402 shares, the short-interest ratio is presently 4.7 days. Based on an average trading volume of 1,870,402 shares, the short-interest ratio is presently 4.7 days. Currently, 6.6% of the shares of the stock are sold short.

Hedge Funds Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently added to or reduced their stakes in LEG. Royal Bank of Canada lifted its holdings in shares of Leggett & Platt by 59.5% in the first quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock valued at $372,000 after purchasing an additional 17,561 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Leggett & Platt by 8.4% during the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after buying an additional 1,132 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Leggett & Platt by 3.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock valued at $3,592,000 after buying an additional 13,187 shares during the period. Jane Street Group LLC raised its position in Leggett & Platt by 36.3% during the first quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock valued at $9,298,000 after buying an additional 312,840 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in Leggett & Platt by 113.5% in the 1st quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock worth $866,000 after acquiring an additional 58,292 shares in the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Trading Down 0.3%

Shares of Leggett & Platt stock traded down $0.04 on Friday, reaching $10.18. 1,229,139 shares of the company were exchanged, compared to its average volume of 1,569,365. Leggett & Platt has a fifty-two week low of $6.47 and a fifty-two week high of $13.00. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 6.02 and a beta of 0.71. The company has a current ratio of 2.25, a quick ratio of 1.45 and a debt-to-equity ratio of 1.46. The stock has a fifty day moving average price of $11.82 and a 200-day moving average price of $10.49.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.22. The business had revenue of $938.60 million during the quarter, compared to analyst estimates of $938.74 million. Leggett & Platt had a return on equity of 15.00% and a net margin of 5.80%.Leggett & Platt’s revenue for the quarter was down 11.2% on a year-over-year basis. During the same quarter last year, the company posted $0.21 EPS. On average, analysts expect that Leggett & Platt will post 1.14 EPS for the current year.

Leggett & Platt Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Friday, March 13th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, March 13th. Leggett & Platt’s dividend payout ratio is 11.83%.

Analysts Set New Price Targets

Several brokerages recently commented on LEG. Piper Sandler boosted their target price on Leggett & Platt from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. Weiss Ratings restated a “hold (c-)” rating on shares of Leggett & Platt in a report on Monday, December 29th. Zacks Research lowered Leggett & Platt from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Wall Street Zen downgraded shares of Leggett & Platt from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Five research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target 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.