Public Sector Pension Investment Board Reduces Position in Leggett & Platt, Incorporated (NYSE:LEG)

Public Sector Pension Investment Board reduced its position in Leggett & Platt, Incorporated (NYSE:LEG) by 3.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 284,611 shares of the company’s stock after selling 10,300 shares during the quarter. Public Sector Pension Investment Board owned 0.21% of Leggett & Platt worth $3,876,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LEG. Allspring Global Investments Holdings LLC raised its holdings in shares of Leggett & Platt by 76.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock worth $28,000 after buying an additional 884 shares during the period. CVA Family Office LLC purchased a new stake in Leggett & Platt in the second quarter worth $36,000. Fifth Third Bancorp lifted its position in shares of Leggett & Platt by 367.8% during the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock worth $39,000 after purchasing an additional 2,670 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Leggett & Platt during the third quarter valued at $41,000. Finally, Brooklyn Investment Group bought a new position in shares of Leggett & Platt in the third quarter worth about $44,000. 64.23% of the stock is owned by hedge funds and other institutional investors.

Leggett & Platt Trading Up 1.2 %

NYSE:LEG opened at $12.75 on Tuesday. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.84 and a current ratio of 1.48. The firm has a 50-day simple moving average of $12.62 and a 200-day simple moving average of $12.26. Leggett & Platt, Incorporated has a one year low of $10.11 and a one year high of $27.58. The firm has a market cap of $1.71 billion, a P/E ratio of -2.12 and a beta of 1.07.

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

Wall Street Analysts Forecast Growth

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

Leggett & Platt 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.