PNC Financial Services Group Inc. Has $934,000 Stock Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

PNC Financial Services Group Inc. trimmed its position in Leggett & Platt, Incorporated (NYSE:LEG) by 26.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 68,555 shares of the company’s stock after selling 24,241 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Leggett & Platt were worth $934,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LEG. Allspring Global Investments Holdings LLC boosted its stake in shares of Leggett & Platt by 76.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock valued at $28,000 after purchasing an additional 884 shares during the last quarter. CVA Family Office LLC bought a new position in Leggett & Platt in the second quarter valued at approximately $36,000. Abich Financial Wealth Management LLC grew its holdings in Leggett & Platt by 93.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after acquiring an additional 931 shares during the period. Fifth Third Bancorp raised its position in shares of Leggett & Platt by 367.8% during the 2nd quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock valued at $39,000 after acquiring an additional 2,670 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Leggett & Platt in the 3rd quarter valued at $41,000. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Stock Performance

LEG stock opened at $12.58 on Friday. Leggett & Platt, Incorporated has a 1-year low of $10.11 and a 1-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. The firm has a market cap of $1.69 billion, a PE ratio of -2.09 and a beta of 1.07. The business’s 50-day moving average price is $12.66 and its two-hundred day moving average price is $12.25.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the firm earned $0.36 EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, research analysts forecast that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Leggett & Platt 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.