Truist Financial Issues Pessimistic Forecast for Leggett & Platt (NYSE:LEG) Stock Price

Leggett & Platt (NYSE:LEG) had its price target cut by stock analysts at Truist Financial from $13.00 to $11.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s target price points to a potential upside of 0.69% from the company’s previous close.

LEG has been the topic of several other research reports. The Goldman Sachs Group cut their price target 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 upgraded shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.00.

Leggett & Platt Price Performance

LEG stock opened at $10.93 on Wednesday. The business’s fifty day moving average price is $10.80 and its 200 day moving average price is $11.98. Leggett & Platt has a 12-month low of $9.18 and a 12-month high of $23.74. 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 company has a market capitalization of $1.47 billion, a PE ratio of -1.82 and a beta of 1.11.

Leggett & Platt (NYSE:LEG) last released its earnings results on Monday, October 28th. The company reported $0.32 earnings per share (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 analyst estimates of $1.10 billion. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. Leggett & Platt’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 earnings per share. On average, sell-side analysts anticipate that Leggett & Platt will post 1.05 EPS for the current year.

Institutional Trading of Leggett & Platt

Several hedge funds and other institutional investors have recently made changes to their positions in LEG. Allspring Global Investments Holdings LLC raised its holdings in Leggett & Platt by 76.3% during the third 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. purchased a new position in shares of Leggett & Platt in the third quarter valued at $29,000. Point72 Hong Kong Ltd acquired a new position in shares of Leggett & Platt during the 3rd quarter worth $37,000. nVerses Capital LLC acquired a new position in shares of Leggett & Platt during the 3rd quarter worth $41,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Leggett & Platt in the 3rd quarter worth about $44,000. Institutional investors and hedge funds 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.