Leggett & Platt (NYSE:LEG) Given New $16.00 Price Target at Truist Financial

Leggett & Platt (NYSE:LEG) had its price target decreased by Truist Financial from $18.00 to $16.00 in a report published on Tuesday, Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other analysts have also weighed in on LEG. StockNews.com lowered Leggett & Platt from a hold rating to a sell rating in a research note on Monday, March 11th. TheStreet downgraded shares of Leggett & Platt from a c rating to a d+ rating in a research note on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $19.33.

Leggett & Platt Trading Down 3.3 %

LEG opened at $18.08 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26. Leggett & Platt has a twelve month low of $17.81 and a twelve month high of $33.50. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -18.08 and a beta of 1.18. The company has a 50-day simple moving average of $21.06 and a 200 day simple moving average of $23.50.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Friday, February 9th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01). Leggett & Platt had a positive return on equity of 11.99% and a negative net margin of 2.90%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business posted $0.39 EPS. The business’s revenue was down 6.7% on a year-over-year basis. Analysts predict that Leggett & Platt will post 1.17 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 15th will be given a $0.46 dividend. The ex-dividend date is Thursday, March 14th. This represents a $1.84 annualized dividend and a yield of 10.18%. Leggett & Platt’s dividend payout ratio is presently -184.00%.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in shares of Leggett & Platt by 0.6% in the first quarter. JPMorgan Chase & Co. now owns 254,903 shares of the company’s stock valued at $8,871,000 after buying an additional 1,440 shares during the period. American Century Companies Inc. increased its position in Leggett & Platt by 11.5% during the 1st quarter. American Century Companies Inc. now owns 58,626 shares of the company’s stock valued at $2,040,000 after purchasing an additional 6,030 shares during the period. HighTower Advisors LLC raised its holdings in Leggett & Platt by 174.1% during the 1st quarter. HighTower Advisors LLC now owns 42,660 shares of the company’s stock worth $1,482,000 after purchasing an additional 27,098 shares during the last quarter. Cetera Advisor Networks LLC boosted its stake in shares of Leggett & Platt by 5.2% in the 1st quarter. Cetera Advisor Networks LLC now owns 8,989 shares of the company’s stock valued at $313,000 after purchasing an additional 443 shares during the last quarter. Finally, Citigroup Inc. increased its position in shares of Leggett & Platt by 34.2% during the first quarter. Citigroup Inc. now owns 81,162 shares of the company’s stock worth $2,825,000 after buying an additional 20,675 shares during the period. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Leggett & Platt Company 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.