Leggett & Platt (NYSE:LEG) Stock Price Down 4.6% – Here’s What Happened

Leggett & Platt, Incorporated (NYSE:LEG) fell 4.6% during mid-day trading on Tuesday . The company traded as low as $9.85 and last traded at $9.97. 187,836 shares were traded during trading, a decline of 89% from the average session volume of 1,659,710 shares. The stock had previously closed at $10.45.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on LEG shares. The Goldman Sachs Group dropped their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th. Piper Sandler raised shares of 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. Finally, Truist Financial lowered their target price on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, According to MarketBeat.com, Leggett & Platt presently has a consensus rating of “Hold” and a consensus target price of $12.00.

Leggett & Platt Stock Performance

The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13. The firm has a 50-day simple moving average of $10.29 and a 200 day simple moving average of $11.74. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -1.68 and a beta of 1.12.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Thursday, February 13th. The company reported $0.21 EPS for the quarter, meeting analysts’ consensus estimates of $0.21. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.03 billion. On average, sell-side analysts predict 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 have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its stake in Leggett & Platt by 76.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after acquiring an additional 884 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Leggett & Platt by 7.7% during the fourth quarter. CIBC Asset Management Inc now owns 13,986 shares of the company’s stock worth $134,000 after purchasing an additional 1,001 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Leggett & Platt by 17.1% during the fourth quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares during the period. Swiss National Bank lifted its holdings in shares of Leggett & Platt by 0.8% during the fourth quarter. Swiss National Bank now owns 263,900 shares of the company’s stock worth $2,533,000 after purchasing an additional 2,100 shares during the period. Finally, Deutsche Bank AG grew its position in Leggett & Platt by 3.2% in the 4th quarter. Deutsche Bank AG now owns 67,319 shares of the company’s stock valued at $646,000 after buying an additional 2,109 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

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.