Leggett & Platt (NYSE:LEG) Stock Crosses Above Two Hundred Day Moving Average – Should You Sell?

Leggett & Platt, Incorporated (NYSE:LEG) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.00 and traded as high as $11.75. Leggett & Platt shares last traded at $11.6650, with a volume of 6,673,617 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on LEG. Weiss Ratings upgraded shares of Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Zacks Research lowered shares of Leggett & Platt from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 14th. Finally, Truist Financial dropped their price target on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $11.33.

Leggett & Platt Stock Up 0.6%

The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.45 and a current ratio of 2.33. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 7.25 and a beta of 0.74. The firm has a fifty day moving average price of $10.54 and a 200 day moving average price of $11.00.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The business had revenue of $918.20 million for the quarter, compared to analyst estimates of $946.79 million. During the same period in the prior year, the company earned $0.24 EPS. The company’s revenue was down 10.2% on a year-over-year basis. As a group, sell-side analysts expect that Leggett & Platt, Incorporated will post 0.9 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, June 15th. Leggett & Platt’s payout ratio is presently 12.42%.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently made changes to their positions in the stock. Motiv8 Investments LLC purchased a new position in shares of Leggett & Platt in the 4th quarter valued at about $34,000. Palisade Asset Management LLC purchased a new stake in Leggett & Platt during the third quarter worth about $29,000. Hantz Financial Services Inc. grew its position in Leggett & Platt by 32.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after buying an additional 783 shares during the period. Advisory Services Network LLC acquired a new position in Leggett & Platt during the third quarter worth about $51,000. Finally, Kingdom Financial Group LLC. acquired a new stake in shares of Leggett & Platt during the 4th quarter valued at approximately $66,000. 64.23% of the stock is owned by institutional investors and hedge funds.

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.