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

Leggett & Platt, Incorporated (NYSE:LEG) shares traded down 3.7% during trading on Tuesday . The stock 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.

Wall Street Analysts Forecast Growth

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

Leggett & Platt Trading Down 1.5 %

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

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Abich Financial Wealth Management LLC grew its position in shares of Leggett & Platt by 93.2% during the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after purchasing an additional 931 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Leggett & Platt by 76.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after purchasing an additional 884 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Leggett & Platt during the third quarter valued at about $29,000. Point72 Hong Kong Ltd purchased a new position in shares of Leggett & Platt during the third quarter valued at about $37,000. Finally, nVerses Capital LLC purchased a new position in shares of Leggett & Platt during the third quarter valued at about $41,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

About Leggett & Platt

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.