Moors & Cabot Inc. Buys Shares of 15,400 Leggett & Platt, Incorporated (NYSE:LEG)

Moors & Cabot Inc. purchased a new position in Leggett & Platt, Incorporated (NYSE:LEG) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 15,400 shares of the company’s stock, valued at approximately $210,000.

A number of other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted 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 valued at $28,000 after purchasing an additional 884 shares in the last quarter. CVA Family Office LLC acquired a new stake in shares of Leggett & Platt in the second quarter valued at about $36,000. Abich Financial Wealth Management LLC lifted its stake in shares of Leggett & Platt by 93.2% in the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after buying an additional 931 shares in the last quarter. Fifth Third Bancorp boosted its position in Leggett & Platt by 367.8% during the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock worth $39,000 after acquiring an additional 2,670 shares during the last quarter. Finally, nVerses Capital LLC purchased a new stake in Leggett & Platt during the 3rd quarter valued at about $41,000. 64.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Leggett & Platt Stock Performance

Leggett & Platt stock opened at $11.66 on Monday. The firm has a 50 day simple moving average of $12.67 and a 200-day simple moving average of $12.25. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -1.94 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.

Leggett & Platt (NYSE:LEG) last issued 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 positive return on equity of 14.99% and a negative net margin of 18.53%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue was down 6.3% on a year-over-year basis. On average, analysts expect that Leggett & Platt, Incorporated will post 1.05 EPS for the current year.

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.