Leggett & Platt (NYSE:LEG) Shares Down 3.7% – Here’s What Happened

Leggett & Platt, Incorporated (NYSE:LEG) shares traded down 3.7% during mid-day trading on Tuesday . The company traded as low as $11.36 and last traded at $11.36. 123,887 shares were traded during trading, a decline of 95% from the average session volume of 2,268,249 shares. The stock had previously closed at $11.80.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Truist Financial raised their price objective on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and raised their target price for the company from $11.00 to $13.00 in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.67.

Leggett & Platt Stock Performance

The company has a 50 day simple moving average of $12.70 and a 200-day simple moving average of $12.29. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the firm posted $0.36 earnings per share. Leggett & Platt’s revenue for the quarter was down 6.3% compared to the same quarter last year. Research analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. raised its position in shares of Leggett & Platt by 426.2% in the 2nd quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock worth $160,923,000 after acquiring an additional 11,373,507 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Leggett & Platt by 1,098.0% in the 2nd quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock worth $22,160,000 after acquiring an additional 1,838,009 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Leggett & Platt in the 3rd quarter worth approximately $15,735,000. Invenomic Capital Management LP raised its position in shares of Leggett & Platt by 384.1% in the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock worth $12,550,000 after acquiring an additional 731,132 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Leggett & Platt by 3,264.5% in the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock worth $9,437,000 after buying an additional 672,290 shares during the last quarter. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.