Leggett & Platt (NYSE:LEG) Price Target Cut to $12.00 by Analysts at The Goldman Sachs Group

Leggett & Platt (NYSE:LEG) had its price objective reduced by equities research analysts at The Goldman Sachs Group from $14.00 to $12.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 9.79% from the company’s previous close.

LEG has been the subject of a number of other reports. StockNews.com cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Saturday. Truist Financial dropped their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, June 27th. Finally, Piper Sandler dropped their price objective 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. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.00.

Leggett & Platt Price Performance

Leggett & Platt stock traded up $0.26 during mid-day trading on Wednesday, reaching $10.93. The company had a trading volume of 450,824 shares, compared to its average volume of 2,689,914. 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 company has a market capitalization of $1.47 billion, a P/E ratio of -9.42 and a beta of 1.08. The stock’s 50-day simple moving average is $11.78 and its 200-day simple moving average is $17.87.

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

Insiders Place Their Bets

In other news, CFO Benjamin Michael Burns bought 3,850 shares of the stock in a transaction 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 owns 81,362 shares of the company’s stock, valued at $992,616.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Mark A. Blinn purchased 6,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average price of $10.74 per share, for a total transaction of $64,440.00. Following the acquisition, the director now directly owns 32,302 shares in the company, valued at $346,923.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Benjamin Michael Burns purchased 3,850 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was bought at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the acquisition, the chief financial officer now owns 81,362 shares in the company, valued at $992,616.40. The disclosure for this purchase can be found here. In the last three months, insiders bought 65,635 shares of company stock valued at $773,447. Company insiders own 1.92% of the company’s stock.

Hedge Funds Weigh In On Leggett & Platt

A number of hedge funds have recently made changes to their positions in the stock. Insight Folios Inc boosted its holdings in shares of Leggett & Platt by 5.2% in the 4th quarter. Insight Folios Inc now owns 9,374 shares of the company’s stock valued at $245,000 after purchasing an additional 460 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of Leggett & Platt by 1.0% during 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 acquiring an additional 570 shares in the last quarter. GPS Wealth Strategies Group LLC lifted its holdings in shares of Leggett & Platt by 15.1% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 4,624 shares of the company’s stock valued at $121,000 after acquiring an additional 605 shares in the last quarter. TFO Wealth Partners LLC lifted its holdings in shares of Leggett & Platt by 10,833.3% during the 4th quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock valued at $157,000 after acquiring an additional 650 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Leggett & Platt by 0.4% during the 1st quarter. New York State Teachers Retirement System now owns 161,369 shares of the company’s stock valued at $3,090,000 after acquiring an additional 700 shares in the last quarter. Institutional investors and hedge funds 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.