Leggett & Platt (NYSE:LEG) Issues Earnings Results

Leggett & Platt (NYSE:LEG) issued its quarterly earnings data on Wednesday. The company reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22, Zacks reports. The firm had revenue of $938.60 million for the quarter, compared to analysts’ expectations of $938.74 million. Leggett & Platt had a net margin of 5.80% and a return on equity of 15.72%. The company’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 earnings per share.

Leggett & Platt Trading Up 2.7%

Shares of LEG traded up $0.31 during trading hours on Friday, hitting $11.76. 1,242,867 shares of the stock traded hands, compared to its average volume of 1,666,743. The company has a current ratio of 2.15, a quick ratio of 1.35 and a debt-to-equity ratio of 1.54. Leggett & Platt has a 1-year low of $6.47 and a 1-year high of $13.00. The firm has a market capitalization of $1.59 billion, a PE ratio of 6.95 and a beta of 0.72. The business has a fifty day moving average of $11.77 and a 200-day moving average of $10.18.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Palisade Asset Management LLC bought a new stake in shares of Leggett & Platt during the third quarter worth approximately $29,000. Advisory Services Network LLC acquired a new stake in Leggett & Platt during the 3rd quarter worth $51,000. Captrust Financial Advisors bought a new stake in shares of Leggett & Platt during the 2nd quarter valued at $91,000. PDT Partners LLC acquired a new position in shares of Leggett & Platt in the 2nd quarter valued at $94,000. Finally, Freestone Grove Partners LP acquired a new position in shares of Leggett & Platt in the 3rd quarter valued at $98,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on LEG. Weiss Ratings restated a “hold (c-)” rating on shares of Leggett & Platt in a research report on Monday, December 29th. Piper Sandler boosted their price objective on Leggett & Platt from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Zacks Research cut Leggett & Platt from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $11.00 price target on shares of Leggett & Platt in a report on Wednesday, October 29th. Finally, Wall Street Zen upgraded shares of Leggett & Platt from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Five analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $11.67.

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.