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

Leggett & Platt (NYSE:LEG) had its target price trimmed by Truist Financial from $13.00 to $11.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has a hold rating on the stock.

LEG has been the topic of several other reports. StockNews.com downgraded shares of Leggett & Platt from a hold rating to a sell rating in a report on Wednesday, June 19th. The Goldman Sachs Group decreased their price target on Leggett & Platt from $20.00 to $14.00 and set a neutral rating for the company in a research note on Thursday, May 2nd. Piper Sandler cut their price objective on Leggett & Platt from $16.00 to $13.00 and set an underweight rating on the stock in a research report on Wednesday, May 1st. Finally, TheStreet downgraded Leggett & Platt from a c rating to a d+ rating in a research report on Monday, March 11th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $12.67.

Leggett & Platt Trading 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 debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89. The business’s 50 day moving average is $12.77 and its two-hundred day moving average is $18.69. The stock has a market capitalization of $1.54 billion, a P/E ratio of -9.88 and a beta of 1.10.

Leggett & Platt (NYSE:LEG) last released 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). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 EPS. As a group, research analysts expect that Leggett & Platt will post 1.13 EPS for the current year.

Leggett & Platt Cuts Dividend

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

Insider Buying and Selling at Leggett & Platt

In other news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were acquired at an average price of $13.39 per share, with a total value of $133,900.00. Following the transaction, the executive vice president now owns 41,535 shares of the company’s stock, valued at $556,153.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Mark A. Blinn bought 6,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was bought at an average price of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the acquisition, the director now directly owns 32,302 shares in the company, valued at $346,923.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ryan Michael Kleiboeker bought 10,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average cost of $13.39 per share, for a total transaction of $133,900.00. Following the transaction, the executive vice president now directly owns 41,535 shares in the company, valued at approximately $556,153.65. The disclosure for this purchase can be found here. Insiders bought a total of 65,635 shares of company stock valued at $773,447 in the last ninety days. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Leggett & Platt

A number of institutional investors have recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC lifted its position in shares of Leggett & Platt by 10,833.3% during the fourth quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock valued at $157,000 after buying an additional 650 shares during the last quarter. Ramirez Asset Management Inc. purchased a new stake in Leggett & Platt during the third quarter valued at approximately $25,000. Fifth Third Bancorp boosted its stake in Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after acquiring an additional 722 shares in the last quarter. GAMMA Investing LLC purchased a new position in Leggett & Platt in the fourth quarter worth $40,000. Finally, ORG Partners LLC acquired a new position in shares of Leggett & Platt during the fourth quarter worth $49,000. Institutional investors 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.