Leggett & Platt (NYSE:LEG) PT Lowered to $13.00

Leggett & Platt (NYSE:LEG) had its target price decreased by Truist Financial from $16.00 to $13.00 in a report issued on Friday, Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other brokerages have also recently issued reports on LEG. The Goldman Sachs Group cut their price objective on Leggett & Platt from $20.00 to $14.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Piper Sandler decreased their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a report on Wednesday, May 1st. TheStreet downgraded shares of Leggett & Platt from a c rating to a d+ rating in a research report on Monday, March 11th. Finally, StockNews.com downgraded shares of Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat, Leggett & Platt has an average rating of Hold and an average target price of $13.33.

Leggett & Platt Price Performance

NYSE:LEG opened at $13.66 on Friday. 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 has a 12 month low of $11.02 and a 12 month high of $33.06. The business’s 50-day moving average is $18.50 and its two-hundred day moving average is $21.97.

Leggett & Platt (NYSE:LEG) last announced its earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The firm’s revenue was down 9.6% on a year-over-year basis. Equities research analysts anticipate that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is -158.62%.

Insider Buying and Selling at Leggett & Platt

In related news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were purchased at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the acquisition, the executive vice president now owns 41,535 shares in the company, valued at $556,153.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LEG. Insight Folios Inc grew its position in Leggett & Platt by 5.2% during the fourth quarter. Insight Folios Inc now owns 9,374 shares of the company’s stock valued at $245,000 after purchasing an additional 460 shares in the last quarter. Federated Hermes Inc. boosted its position in Leggett & Platt by 2.8% during the third quarter. Federated Hermes Inc. now owns 18,641 shares of the company’s stock valued at $474,000 after purchasing an additional 499 shares during the last quarter. Arizona State Retirement System grew its stake in Leggett & Platt by 1.4% in the third quarter. Arizona State Retirement System now owns 37,901 shares of the company’s stock valued at $963,000 after purchasing an additional 523 shares in the last quarter. Covestor Ltd raised its stake in shares of Leggett & Platt by 17.6% during the 3rd quarter. Covestor Ltd now owns 3,575 shares of the company’s stock worth $91,000 after purchasing an additional 535 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in shares of Leggett & Platt by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 58,754 shares of the company’s stock valued at $1,538,000 after buying an additional 570 shares in the last quarter. Hedge funds and other institutional investors own 64.23% of the company’s stock.

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.