Leggett & Platt (NYSE:LEG) Stock Price Up 6.3% – What’s Next?

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price traded up 6.3% during trading on Monday . The company traded as high as $12.44 and last traded at $12.39. 121,540 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 2,254,911 shares. The stock had previously closed at $11.66.

Analyst Ratings Changes

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

Leggett & Platt Price Performance

The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84. The company’s 50 day moving average price is $12.67 and its 200 day moving average price is $12.25. The firm has a market capitalization of $1.75 billion, a P/E ratio of -2.17 and a beta of 1.07.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LEG. Allspring Global Investments Holdings LLC boosted its position in shares of Leggett & Platt by 76.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock worth $28,000 after purchasing an additional 884 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Leggett & Platt in the third quarter valued at about $29,000. CVA Family Office LLC bought a new position in Leggett & Platt during the second quarter worth about $36,000. Abich Financial Wealth Management LLC grew its position in shares of Leggett & Platt by 93.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after buying an additional 931 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Leggett & Platt in the 3rd quarter valued at about $37,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

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.