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

Leggett & Platt (NYSE:LEGGet Free Report) released its earnings results on Friday. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01), Briefing.com reports. Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the company earned $0.39 earnings per share. Leggett & Platt’s revenue was down 6.7% on a year-over-year basis.

Leggett & Platt Stock Down 12.1 %

LEG stock opened at $20.46 on Monday. The company’s 50-day simple moving average is $24.96 and its 200-day simple moving average is $25.45. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.49 and a quick ratio of 0.84. Leggett & Platt has a 52-week low of $20.39 and a 52-week high of $35.10.

Analysts Set New Price Targets

LEG has been the topic of several research reports. Piper Sandler cut their target price on Leggett & Platt from $21.00 to $18.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 1st. The Goldman Sachs Group cut their price target on Leggett & Platt from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 1st. Finally, Truist Financial cut their price target on Leggett & Platt from $26.00 to $24.00 and set a “hold” rating on the stock in a research report on Wednesday, November 1st.

View Our Latest Stock Analysis on LEG

Institutional Investors Weigh In On Leggett & Platt

Hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. purchased a new position in Leggett & Platt in the 2nd quarter valued at about $28,000. Industrial Alliance Investment Management Inc. purchased a new position in Leggett & Platt in the 4th quarter valued at about $48,000. Lazard Asset Management LLC purchased a new position in Leggett & Platt in the 2nd quarter valued at about $52,000. Rockefeller Capital Management L.P. lifted its stake in Leggett & Platt by 179.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,024 shares of the company’s stock valued at $64,000 after buying an additional 1,300 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Leggett & Platt by 18.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock valued at $66,000 after buying an additional 305 shares in the last quarter. 60.26% of the stock is owned by hedge funds and other institutional investors.

About Leggett & Platt

(Get Free Report)

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, private label finished mattresses, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.

See Also

Earnings History for Leggett & Platt (NYSE:LEG)

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