Principal Financial Group Inc. Cuts Stake in Leggett & Platt, Incorporated (NYSE:LEG)

Principal Financial Group Inc. reduced its position in Leggett & Platt, Incorporated (NYSE:LEG) by 4.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 631,737 shares of the company’s stock after selling 26,380 shares during the period. Principal Financial Group Inc.’s holdings in Leggett & Platt were worth $8,604,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of LEG. Russell Investments Group Ltd. grew its holdings in 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 purchasing an additional 27,106 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in shares of Leggett & Platt by 6.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 149,692 shares of the company’s stock valued at $2,867,000 after buying an additional 9,254 shares during the last quarter. MQS Management LLC grew its holdings in shares of Leggett & Platt by 8.3% during the first quarter. MQS Management LLC now owns 13,366 shares of the company’s stock valued at $256,000 after buying an additional 1,027 shares during the last quarter. EntryPoint Capital LLC grew its holdings in shares of Leggett & Platt by 174.1% during the first quarter. EntryPoint Capital LLC now owns 21,308 shares of the company’s stock valued at $408,000 after buying an additional 13,533 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Leggett & Platt by 61.3% during the first quarter. Advisors Asset Management Inc. now owns 268,814 shares of the company’s stock valued at $5,148,000 after buying an additional 102,113 shares during the last quarter. 64.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Leggett & Platt Price Performance

Leggett & Platt stock opened at $11.81 on Tuesday. Leggett & Platt, Incorporated has a 52-week low of $10.11 and a 52-week high of $27.58. The company’s 50 day moving average is $12.71 and its two-hundred day moving average is $12.31. The firm has a market cap of $1.59 billion, a PE ratio of -1.96 and a beta of 1.07. The company has a quick ratio of 0.84, a current ratio of 1.48 and a debt-to-equity ratio of 2.13.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data 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). Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the business posted $0.36 earnings per share. Leggett & Platt’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, research analysts expect 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.