Leggett & Platt, Incorporated (NYSE:LEG) Sees Significant Drop in Short Interest

Leggett & Platt, Incorporated (NYSE:LEG - Get Free Report) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 4,670,000 shares, a decrease of 24.9% from the October 15th total of 6,220,000 shares. Currently, 3.6% of the shares of the stock are short sold. Based on an average daily volume of 1,570,000 shares, the days-to-cover ratio is currently 3.0 days.

Leggett & Platt Trading Up 0.1 %

Shares of Leggett & Platt stock traded up $0.01 during trading hours on Friday, reaching $11.82. 1,245,043 shares of the company's stock were exchanged, compared to its average volume of 2,282,334. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -1.97 and a beta of 1.07. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13. Leggett & Platt has a 52-week low of $10.11 and a 52-week high of $27.58. The company has a fifty day moving average of $12.71 and a 200-day moving average of $12.37.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its earnings results 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). The business had revenue of $1.10 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 earnings per share. Sell-side analysts forecast that Leggett & Platt will post 1.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Piper Sandler raised 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 research note on Wednesday, October 30th. StockNews.com raised Leggett & Platt from a "sell" rating to a "hold" rating in a research note on Wednesday, August 28th. Finally, Truist Financial boosted their target price on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a "hold" rating in a research note on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $12.67.

Hedge Funds Weigh In On Leggett & Platt

A number of large investors have recently bought and sold shares of LEG. BNP Paribas Financial Markets lifted its stake in shares of Leggett & Platt by 66.8% in the 1st quarter. BNP Paribas Financial Markets now owns 70,271 shares of the company's stock valued at $1,346,000 after purchasing an additional 28,149 shares in the last quarter. Swiss National Bank increased its position in shares of Leggett & Platt by 0.3% in the first quarter. Swiss National Bank now owns 263,300 shares of the company's stock worth $5,042,000 after acquiring an additional 900 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Leggett & Platt by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 350,876 shares of the company's stock worth $6,719,000 after acquiring an additional 27,106 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in Leggett & Platt by 6.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 149,692 shares of the company's stock worth $2,867,000 after purchasing an additional 9,254 shares during the period. Finally, Ontario Teachers Pension Plan Board increased its holdings in Leggett & Platt by 78.8% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 65,994 shares of the company's stock valued at $1,264,000 after purchasing an additional 29,088 shares in the last quarter. Hedge funds and other institutional investors own 64.23% of the company's stock.

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.