Leggett & Platt (NYSE:LEG) Issues Quarterly Earnings Results, Meets Expectations

Leggett & Platt (NYSE:LEG) announced its earnings results on Wednesday. The company reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22, Zacks reports. Leggett & Platt had a net margin of 5.38% and a return on equity of 16.27%.

Leggett & Platt Trading Down 1.9%

Shares of LEG stock traded down $0.24 on Wednesday, reaching $12.37. 2,487,131 shares of the company’s stock were exchanged, compared to its average volume of 1,585,697. The company’s fifty day simple moving average is $11.75 and its 200 day simple moving average is $10.15. Leggett & Platt has a 52 week low of $6.47 and a 52 week high of $13.00. The company has a current ratio of 2.15, a quick ratio of 1.35 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $1.68 billion, a PE ratio of 7.68 and a beta of 0.72.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Palisade Asset Management LLC bought a new position in Leggett & Platt in the 3rd quarter worth about $29,000. Advisory Services Network LLC bought a new stake in shares of Leggett & Platt during the third quarter valued at approximately $51,000. Captrust Financial Advisors purchased a new stake in shares of Leggett & Platt in the second quarter valued at approximately $91,000. PDT Partners LLC purchased a new stake in shares of Leggett & Platt in the second quarter valued at approximately $94,000. Finally, Freestone Grove Partners LP bought a new position in Leggett & Platt in the third quarter worth approximately $98,000. Institutional investors own 64.23% of the company’s stock.

Analyst Upgrades and Downgrades

LEG has been the subject of several analyst reports. Truist Financial upped their price objective on Leggett & Platt from $10.00 to $12.00 and gave the stock a “hold” rating in a research note on Wednesday, October 29th. Weiss Ratings reissued a “hold (c-)” rating on shares of Leggett & Platt in a report on Monday, December 29th. The Goldman Sachs Group restated a “neutral” rating and issued a $11.00 price target on shares of Leggett & Platt in a research report on Wednesday, October 29th. Wall Street Zen raised Leggett & Platt from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Piper Sandler lifted their price objective on Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.67.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.