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

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on LEG shares. Truist Financial reduced 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. Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $11.00 to $13.00 in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group lowered their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 14th. Four investment 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 target price of $12.00.

Leggett & Platt Trading Down 1.5 %

The company has a quick ratio of 1.14, a current ratio of 2.00 and a debt-to-equity ratio of 2.70. The company’s 50-day moving average is $10.22 and its 200 day moving average is $11.71. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -2.62 and a beta of 1.12.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.21. Leggett & Platt had a positive return on equity of 17.09% and a negative net margin of 11.67%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Research analysts predict that Leggett & Platt, Incorporated will post 1.11 EPS for the current year.

Institutional Investors Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Leggett & Platt by 4.9% in the fourth quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company’s stock valued at $148,593,000 after purchasing an additional 722,024 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Leggett & Platt by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,751,066 shares of the company’s stock worth $45,610,000 after acquiring an additional 214,571 shares during the last quarter. State Street Corp raised its stake in Leggett & Platt by 0.6% in the 3rd quarter. State Street Corp now owns 4,437,066 shares of the company’s stock valued at $60,657,000 after purchasing an additional 27,693 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Leggett & Platt by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,156,322 shares of the company’s stock valued at $29,377,000 after purchasing an additional 60,166 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Leggett & Platt by 12.4% during the 4th quarter. AQR Capital Management LLC now owns 1,632,152 shares of the company’s stock worth $15,669,000 after purchasing an additional 179,938 shares during the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Company Profile

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.