Leggett & Platt, Incorporated (NYSE:LEG) Short Interest Down 23.8% in December

Leggett & Platt, Incorporated (NYSE:LEG) was the recipient of a significant drop in short interest in the month of 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 daily trading volume, of 3,074,115 shares, the short-interest ratio is currently 2.2 days. Approximately 5.0% of the shares of the company are sold short. Approximately 5.0% of the shares of the company are sold short. Based on an average daily trading volume, of 3,074,115 shares, the short-interest ratio is currently 2.2 days.

Wall Street Analysts Forecast Growth

LEG has been the subject of several recent research reports. The Goldman Sachs Group restated a “neutral” rating and set a $11.00 price target on shares of Leggett & Platt in a research report on Wednesday, October 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 note on Thursday, December 11th. Truist Financial raised their price target on shares of Leggett & Platt from $10.00 to $12.00 and gave the company a “hold” rating in a research note on Wednesday, October 29th. Zacks Research cut Leggett & Platt from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Leggett & Platt in a report on Monday. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.67.

Leggett & Platt Stock Performance

Shares of NYSE LEG opened at $10.99 on Thursday. Leggett & Platt has a 1 year low of $6.47 and a 1 year high of $12.03. The firm has a market cap of $1.49 billion, a P/E ratio of 6.83 and a beta of 0.75. The stock has a fifty day moving average price of $10.18 and a two-hundred day moving average price of $9.65. 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 (NYSE:LEG) last announced its quarterly earnings data on Monday, October 27th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm 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%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. Leggett & Platt has set its FY 2025 guidance at 1.000-1.100 EPS. Research analysts forecast that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Monday, December 15th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.20 annualized dividend and a yield of 1.8%. Leggett & Platt’s dividend payout ratio is currently 12.42%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Leggett & Platt by 9.1% in the 3rd quarter. Vanguard Group Inc. now owns 18,707,102 shares of the company’s stock worth $166,119,000 after acquiring an additional 1,557,459 shares in the last quarter. Millennium Management LLC lifted its position in shares of Leggett & Platt by 784.7% in the first quarter. Millennium Management LLC now owns 4,605,416 shares of the company’s stock worth $36,429,000 after purchasing an additional 4,084,866 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of 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 purchasing an additional 890,577 shares during the period. Geode Capital Management LLC grew its position in Leggett & Platt by 47.8% during the second 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 in the last quarter. Finally, Invenomic Capital Management LP increased its stake in Leggett & Platt by 44.1% in the 3rd quarter. Invenomic Capital Management LP now owns 2,344,306 shares of the company’s stock valued at $20,817,000 after buying an additional 717,079 shares during the period. Institutional investors own 64.23% of the company’s stock.

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.