I must admit I was pretty excited when I checked the market this past week and saw that Leggett & Platt (LEG) was trading down > 7% after their earnings release. Apparently, Mr. Market not too happy to hear management revise guidance lower for 2018. The latest earnings presentation for Q3 2018 can be seen here and corresponding press release can be read here. Despite the revised EPS guidance for the current year, the company's decline in valuation leaves investors paying a Forward P/E ratio of less than 15x, which is a very reasonable valuation for this industrial company that is also very shareholder oriented. See below for additional details on this purchase.
