Leggett & Platt (NYSE:LEG) Price Target Lowered to $12.00 at The Goldman Sachs Group

Leggett & Platt (NYSE:LEG) had its price target cut by investment analysts at The Goldman Sachs Group from $14.00 to $12.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 11.94% from the company’s previous close.

Separately, Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $11.00 to $13.00 in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt Trading Up 3.6 %

Leggett & Platt stock opened at $10.72 on Tuesday. Leggett & Platt has a 1 year low of $9.18 and a 1 year high of $25.29. The firm’s 50-day moving average is $11.03 and its 200-day moving average is $12.02. 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 has a market cap of $1.44 billion, a P/E ratio of -1.78 and a beta of 1.11.

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

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LEG. Pacer Advisors Inc. raised its stake in Leggett & Platt by 426.2% during the 2nd quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock valued at $160,923,000 after acquiring an additional 11,373,507 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Leggett & Platt by 1,098.0% during the second quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after purchasing an additional 1,838,009 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Leggett & Platt in the third quarter worth about $15,735,000. Invenomic Capital Management LP grew its position in Leggett & Platt by 384.1% in the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock valued at $12,550,000 after buying an additional 731,132 shares in the last quarter. Finally, FMR LLC increased its stake in Leggett & Platt by 3,264.5% during the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock valued at $9,437,000 after buying an additional 672,290 shares during the period. 64.23% of the stock is owned by institutional investors.

About Leggett & Platt

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.