Leggett & Platt (NYSE:LEG) Trading Up 6.3% – Still a Buy?

Leggett & Platt, Incorporated (NYSE:LEG)’s stock price traded up 6.3% during trading on Monday . The company traded as high as $12.44 and last traded at $12.39. 121,540 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 2,254,911 shares. The stock had previously closed at $11.66.

Analyst Upgrades and Downgrades

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

Leggett & Platt Trading Up 12.0 %

The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.84 and a current ratio of 1.48. The company’s 50 day moving average is $12.67 and its 200 day moving average is $12.25. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -2.17 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data 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 negative net margin of 18.53% and a positive return on equity of 14.99%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period in the prior year, the company posted $0.36 EPS. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. On average, research analysts forecast that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LEG. Quadrature Capital Ltd lifted its stake in Leggett & Platt by 14.9% during the first quarter. Quadrature Capital Ltd now owns 57,206 shares of the company’s stock worth $1,095,000 after purchasing an additional 7,414 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Leggett & Platt by 26.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 72,502 shares of the company’s stock valued at $1,389,000 after buying an additional 14,971 shares in the last quarter. Invenomic Capital Management LP bought a new stake in Leggett & Platt in the first quarter valued at $4,203,000. Tidal Investments LLC raised its stake in Leggett & Platt by 19.2% during the first quarter. Tidal Investments LLC now owns 27,085 shares of the company’s stock worth $519,000 after acquiring an additional 4,364 shares in the last quarter. Finally, Comerica Bank lifted its holdings in shares of Leggett & Platt by 2.4% during the first quarter. Comerica Bank now owns 68,968 shares of the company’s stock valued at $1,321,000 after acquiring an additional 1,633 shares during the period. 64.23% of the stock is owned by institutional investors.

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.