Leggett & Platt (NYSE:LEG) Price Target Lowered to $11.00 at Truist Financial

Leggett & Platt (NYSE:LEG) had its price objective decreased by research analysts at Truist Financial from $13.00 to $11.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price points to a potential upside of 5.11% from the stock’s previous close.

Several other research firms also recently commented on LEG. The Goldman Sachs Group dropped their target price on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th. Piper Sandler raised shares of Leggett & Platt from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and an average target price of $12.00.

Leggett & Platt Price Performance

LEG opened at $10.47 on Wednesday. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -1.74 and a beta of 1.11. The stock has a fifty day simple moving average of $10.82 and a two-hundred day simple moving average of $11.99. Leggett & Platt has a 12-month low of $9.18 and a 12-month high of $24.30.

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

Hedge Funds Weigh In On Leggett & Platt

Several hedge funds and other institutional investors have recently bought and sold shares of LEG. Wellington Management Group LLP bought a new position in shares of Leggett & Platt in the 3rd quarter worth approximately $15,735,000. Invenomic Capital Management LP raised its position in Leggett & Platt by 384.1% in the third quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock worth $12,550,000 after acquiring an additional 731,132 shares during the period. FMR LLC boosted its stake in shares of Leggett & Platt by 3,264.5% during the 3rd quarter. FMR LLC now owns 692,884 shares of the company’s stock worth $9,437,000 after acquiring an additional 672,290 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Leggett & Platt by 38.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 581,665 shares of the company’s stock valued at $7,922,000 after acquiring an additional 160,104 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Leggett & Platt during the 3rd quarter valued at $2,089,000. Institutional investors own 64.23% of the company’s stock.

About Leggett & Platt

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.