Leggett & Platt (NYSE:LEG) Upgraded at StockNews.com

StockNews.com upgraded shares of Leggett & Platt (NYSE:LEG) from a sell rating to a hold rating in a research note issued to investors on Monday.

Several other equities analysts also recently weighed in on the company. Piper Sandler dropped their price target on Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a research report on Wednesday, May 1st. Truist Financial boosted their target price on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a hold rating in a research note on Monday, August 5th. Finally, The Goldman Sachs Group decreased their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a neutral rating on the stock in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, Leggett & Platt has an average rating of Hold and a consensus price target of $12.67.

Leggett & Platt Stock Up 3.9 %

Shares of NYSE LEG opened at $12.48 on Monday. 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 firm’s 50-day moving average is $12.09 and its two-hundred day moving average is $15.27. Leggett & Platt has a 12-month low of $10.11 and a 12-month high of $28.53. The company has a market capitalization of $1.67 billion, a PE ratio of -10.75 and a beta of 1.08.

Leggett & Platt Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be paid a $0.05 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.20 annualized dividend and a yield of 1.60%. Leggett & Platt’s payout ratio is currently -17.24%.

Insider Buying and Selling

In related news, CFO Benjamin Michael Burns acquired 3,850 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average price 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 in the company, valued at approximately $992,616.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Benjamin Michael Burns purchased 3,850 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were 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 directly owns 81,362 shares in the company, valued at $992,616.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Karl G. Glassman acquired 23,800 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average price of $11.48 per share, with a total value of $273,224.00. Following the completion of the acquisition, the chief executive officer now owns 1,151,891 shares in the company, valued at $13,223,708.68. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 49,635 shares of company stock worth $575,107. 1.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On Leggett & Platt

A number of large investors have recently modified their holdings of the company. Quarry LP increased its position in Leggett & Platt by 582.3% during the 2nd quarter. Quarry LP now owns 9,737 shares of the company’s stock worth $112,000 after purchasing an additional 8,310 shares in the last quarter. Creative Planning increased its position in shares of Leggett & Platt by 371.1% in the second quarter. Creative Planning now owns 121,888 shares of the company’s stock worth $1,397,000 after acquiring an additional 96,015 shares in the last quarter. Algert Global LLC purchased a new position in shares of Leggett & Platt in the 2nd quarter valued at $393,000. Scientech Research LLC acquired a new position in shares of Leggett & Platt during the 2nd quarter valued at $650,000. Finally, AQR Capital Management LLC boosted its position in Leggett & Platt by 1,098.0% during the 2nd quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock worth $22,160,000 after purchasing an additional 1,838,009 shares during the period. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

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.