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

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 Stock Performance

Shares of NYSE LEG traded down $0.24 during trading on Wednesday, reaching $12.37. 2,487,131 shares of the company traded hands, compared to its average volume of 1,585,697. The firm has a 50 day simple moving average of $11.75 and a 200-day simple moving average of $10.15. Leggett & Platt has a 52-week low of $6.47 and a 52-week high of $13.00. The stock has a market capitalization of $1.68 billion, a PE ratio of 7.68 and a beta of 0.72. The company has a quick ratio of 1.35, a current ratio of 2.15 and a debt-to-equity ratio of 1.54.

Analysts Set New Price Targets

Several equities research analysts recently commented on LEG shares. Wall Street Zen raised shares of Leggett & Platt from a “hold” rating to a “buy” rating in a research note on Saturday. Truist Financial boosted their price target on Leggett & Platt from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Wednesday, October 29th. Zacks Research downgraded Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Leggett & Platt in a research note on Monday, December 29th. Finally, Piper Sandler increased their target price on Leggett & Platt from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.67.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of Leggett & Platt by 59.5% in the first quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock worth $372,000 after acquiring an additional 17,561 shares during the period. Jones Financial Companies Lllp boosted its position in Leggett & Platt by 8.4% in the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock worth $116,000 after purchasing an additional 1,132 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Leggett & Platt by 3.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock worth $3,592,000 after purchasing an additional 13,187 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Leggett & Platt by 36.3% during the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock valued at $9,298,000 after purchasing an additional 312,840 shares during the period. Finally, Acadian Asset Management LLC increased its position in shares of Leggett & Platt by 113.5% during the 1st quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock valued at $866,000 after purchasing an additional 58,292 shares during the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

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.