Leggett & Platt, Incorporated (NYSE:LEG) Short Interest Down 24.9% in October

Leggett & Platt, Incorporated (NYSE:LEG) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 4,670,000 shares, a decrease of 24.9% from the October 15th total of 6,220,000 shares. Currently, 3.6% of the company’s stock are short sold. Based on an average daily trading volume, of 1,570,000 shares, the short-interest ratio is currently 3.0 days.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System increased its position in shares of Leggett & Platt by 2.2% during the second quarter. Arizona State Retirement System now owns 37,438 shares of the company’s stock valued at $429,000 after purchasing an additional 799 shares during the period. Allspring Global Investments Holdings LLC raised its stake 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 acquiring an additional 884 shares in the last quarter. Swiss National Bank boosted its position in Leggett & Platt by 0.3% in the 1st quarter. Swiss National Bank now owns 263,300 shares of the company’s stock valued at $5,042,000 after buying an additional 900 shares during the last quarter. Abich Financial Wealth Management LLC boosted its position in Leggett & Platt by 93.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after buying an additional 931 shares during the last quarter. Finally, MQS Management LLC increased its stake in shares of Leggett & Platt by 8.3% in the 1st quarter. MQS Management LLC now owns 13,366 shares of the company’s stock valued at $256,000 after buying an additional 1,027 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on LEG shares. Truist Financial boosted their price objective on Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Monday, August 5th. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $11.00 to $13.00 in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.67.

Leggett & Platt Stock Up 0.5 %

Shares of Leggett & Platt stock traded up $0.06 during trading on Friday, reaching $11.86. The company’s stock had a trading volume of 423,540 shares, compared to its average volume of 2,278,634. The business’s fifty day moving average price is $12.71 and its 200-day moving average price is $12.41. Leggett & Platt has a one year low of $10.11 and a one year high of $27.58. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13.

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

Leggett & Platt Company Profile

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.