Truist Financial Issues Pessimistic Forecast for Leggett & Platt (NYSE:LEG) Stock Price

Leggett & Platt (NYSE:LEG) had its price target reduced by equities research analysts at Truist Financial from $13.00 to $11.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target would indicate a potential upside of 0.69% from the company’s current price.

A number of other research firms have also recently commented on LEG. The Goldman Sachs Group cut their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Leggett & Platt has an average rating of “Hold” and a consensus target price of $12.00.

Leggett & Platt Price Performance

Shares of LEG opened at $10.93 on Wednesday. The company has a market capitalization of $1.47 billion, a P/E ratio of -1.82 and a beta of 1.11. The business’s 50-day moving average is $10.80 and its two-hundred day moving average is $11.98. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.84 and a current ratio of 1.48. Leggett & Platt has a fifty-two week low of $9.18 and a fifty-two week high of $23.74.

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

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Entropy Technologies LP lifted its stake in Leggett & Platt by 28.6% in the 4th quarter. Entropy Technologies LP now owns 28,791 shares of the company’s stock worth $276,000 after purchasing an additional 6,407 shares in the last quarter. Empowered Funds LLC purchased a new position in Leggett & Platt during the fourth quarter worth approximately $123,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Leggett & Platt by 18.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 97,107 shares of the company’s stock worth $928,000 after buying an additional 15,377 shares in the last quarter. KBC Group NV boosted its stake in Leggett & Platt by 74.5% during the fourth quarter. KBC Group NV now owns 7,028 shares of the company’s stock worth $67,000 after buying an additional 3,000 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Leggett & Platt by 461.6% in the 4th quarter. Blue Trust Inc. now owns 9,688 shares of the company’s stock valued at $93,000 after buying an additional 7,963 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors and hedge funds.

About Leggett & Platt

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.