Leggett & Platt, Incorporated (NYSE:LEG) Stake Lowered by Victory Capital Management Inc.

Victory Capital Management Inc. cut its stake in shares of Leggett & Platt, Incorporated (NYSE:LEG) by 17.9% in the 3rd quarter, Holdings Channel reports. The firm owned 25,405 shares of the company’s stock after selling 5,521 shares during the quarter. Victory Capital Management Inc.’s holdings in Leggett & Platt were worth $346,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Abich Financial Wealth Management LLC grew its holdings in shares of Leggett & Platt by 93.2% during the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after purchasing an additional 931 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Leggett & Platt by 76.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,043 shares of the company’s stock worth $28,000 after buying an additional 884 shares in the last quarter. nVerses Capital LLC bought a new position in Leggett & Platt in the 3rd quarter worth approximately $41,000. CVA Family Office LLC bought a new position in Leggett & Platt in the 2nd quarter worth approximately $36,000. Finally, Fifth Third Bancorp grew its holdings in Leggett & Platt by 367.8% in the 2nd quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock worth $39,000 after buying an additional 2,670 shares in the last quarter. 64.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

LEG has been the subject of a number of recent analyst reports. StockNews.com raised Leggett & Platt from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Truist Financial increased their price objective on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Finally, Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $11.00 to $13.00 in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt Stock Performance

LEG opened at $12.59 on Friday. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -2.09 and a beta of 1.07. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84. Leggett & Platt, Incorporated has a 1-year low of $10.11 and a 1-year high of $27.58. The business has a 50 day moving average price of $12.64 and a two-hundred day moving average price of $12.26.

Leggett & Platt (NYSE:LEG) last released its earnings results on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates 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 for the quarter was down 6.3% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. Research analysts predict that Leggett & Platt, Incorporated will post 1.05 EPS for the current fiscal year.

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.