Charles Schwab Investment Management Inc. Cuts Stock Holdings in Leggett & Platt, Incorporated (NYSE:LEG)

Charles Schwab Investment Management Inc. reduced its position in Leggett & Platt, Incorporated (NYSE:LEG) by 0.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,536,495 shares of the company’s stock after selling 17,803 shares during the period. Charles Schwab Investment Management Inc. owned 3.38% of Leggett & Platt worth $61,787,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings 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 buying an additional 11,373,507 shares during the period. AQR Capital Management LLC grew its position in Leggett & Platt by 1,098.0% in the 2nd quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after acquiring an additional 1,838,009 shares during the last quarter. Public Sector Pension Investment Board bought a new position in Leggett & Platt in the 2nd quarter valued at $3,380,000. Quantbot Technologies LP increased its stake in Leggett & Platt by 1,109.0% in the second quarter. Quantbot Technologies LP now owns 238,515 shares of the company’s stock worth $2,733,000 after purchasing an additional 218,786 shares during the period. Finally, Seven Eight Capital LP bought a new stake in shares of Leggett & Platt during the second quarter worth $1,948,000. 64.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

LEG has been the topic of a number of research analyst reports. StockNews.com upgraded shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note 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 research note on Monday, August 5th. Finally, Piper Sandler raised Leggett & Platt from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat.com, Leggett & Platt currently has a consensus rating of “Hold” and a consensus target price of $12.67.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $12.59 on Friday. 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 $1.69 billion, a PE ratio of -2.09 and a beta of 1.07. The business’s fifty day simple moving average is $12.64 and its 200-day simple moving average is $12.26. Leggett & Platt, Incorporated has a 12-month low of $10.11 and a 12-month high of $27.58.

Leggett & Platt (NYSE:LEG) last posted 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 for the quarter, compared to analyst estimates of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Analysts expect that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal 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.