Leggett & Platt (NYSE:LEG) Price Target Lowered to $11.00 at Truist Financial

Leggett & Platt (NYSE:LEG) had its price target cut by Truist Financial from $13.00 to $11.00 in a research report report published on Thursday, Benzinga reports. They currently have a hold rating on the stock.

Several other brokerages have also weighed in on LEG. Piper Sandler lowered their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group dropped their target price on shares of Leggett & Platt from $20.00 to $14.00 and set a neutral rating for the company in a report on Thursday, May 2nd. StockNews.com cut Leggett & Platt from a hold rating to a sell rating in a research note on Wednesday, June 19th. Finally, TheStreet cut Leggett & Platt from a c rating to a d+ rating in a research note on Monday, March 11th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $12.67.

Leggett & Platt Stock Up 7.3 %

Shares of NYSE LEG opened at $11.46 on Thursday. Leggett & Platt has a 1 year low of $10.11 and a 1 year high of $31.14. The company has a market capitalization of $1.54 billion, a P/E ratio of -9.88 and a beta of 1.10. The company has a 50 day simple moving average of $12.77 and a 200-day simple moving average of $18.69. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. Leggett & Platt’s revenue for the quarter was down 9.6% compared to the same quarter last year. On average, equities research analysts predict that Leggett & Platt will post 1.13 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 annualized dividend and a dividend yield of 1.75%. Leggett & Platt’s dividend payout ratio (DPR) is -17.24%.

Insider Activity

In related news, CFO Benjamin Michael Burns bought 3,850 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $12.20 per share, with a total value of $46,970.00. Following the purchase, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Benjamin Michael Burns acquired 3,850 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the purchase, the chief financial officer now owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Karl G. Glassman bought 23,800 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were purchased at an average price of $11.48 per share, for a total transaction of $273,224.00. Following the completion of the purchase, the chief executive officer now directly owns 1,151,891 shares of the company’s stock, valued at approximately $13,223,708.68. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 65,635 shares of company stock worth $773,447. Corporate insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently modified their holdings of LEG. Kestra Advisory Services LLC increased its holdings in shares of Leggett & Platt by 5.9% in the 3rd quarter. Kestra Advisory Services LLC now owns 13,970 shares of the company’s stock valued at $355,000 after acquiring an additional 775 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Leggett & Platt in the 3rd quarter valued at $237,000. Envestnet Asset Management Inc. lifted its position in Leggett & Platt by 16.2% in the third quarter. Envestnet Asset Management Inc. now owns 401,175 shares of the company’s stock valued at $10,194,000 after acquiring an additional 56,046 shares during the last quarter. FMR LLC boosted its stake in Leggett & Platt by 1.2% in the third quarter. FMR LLC now owns 240,682 shares of the company’s stock valued at $6,116,000 after acquiring an additional 2,911 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in shares of Leggett & Platt during the third quarter worth about $229,000. Institutional investors and hedge funds 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.