Short Interest in Leggett & Platt, Incorporated (NYSE:LEG) Declines By 16.0%

Leggett & Platt, Incorporated (NYSE:LEG) was the target of 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. Currently, 4.1% of the shares of the company are short sold. Based on an average daily volume of 1,673,596 shares, the short-interest ratio is presently 3.3 days. Based on an average daily volume of 1,673,596 shares, the short-interest ratio is presently 3.3 days. Currently, 4.1% of the shares of the company are short sold.

Institutional Investors Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently added to or reduced their stakes in LEG. Vanguard Group Inc. raised its holdings 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 in the last quarter. Norges Bank acquired a new stake in Leggett & Platt in the second quarter valued at about $10,706,000. M&T Bank Corp grew its position in Leggett & Platt by 8,333.0% in the fourth 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 during the last quarter. Geode Capital Management LLC grew its position in Leggett & Platt by 47.8% in the second quarter. Geode Capital Management LLC now owns 3,175,556 shares of the company’s stock valued at $28,330,000 after acquiring an additional 1,026,608 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in Leggett & Platt by 35.8% during the second 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 in the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Stock Down 0.8%

Shares of NYSE LEG opened at $11.68 on Monday. The stock has a market capitalization of $1.58 billion, a P/E ratio of 7.25 and a beta of 0.72. The stock’s fifty day moving average is $11.45 and its 200 day moving average is $10.04. Leggett & Platt has a 52 week low of $6.47 and a 52 week high of $12.77. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.35 and a current ratio of 2.15.

Leggett & Platt Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Monday, December 15th were given a dividend of $0.05 per share. The ex-dividend date was Monday, December 15th. This represents a $0.20 annualized dividend and a dividend yield of 1.7%. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.42%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LEG. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Leggett & Platt in a report on Monday, December 29th. Piper Sandler boosted their target price on shares of Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Zacks Research lowered shares of Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Truist Financial lifted their price objective on shares of Leggett & Platt from $10.00 to $12.00 and gave the stock a “hold” rating in a research note on Wednesday, October 29th. Finally, Wall Street Zen lowered shares of Leggett & Platt from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, Leggett & Platt has an average 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.