Leggett & Platt (NYSE:LEG) Upgraded by StockNews.com to “Hold”

StockNews.com upgraded shares of Leggett & Platt (NYSE:LEG) from a sell rating to a hold rating in a report issued on Wednesday morning.

A number of other research analysts also recently weighed in on the company. Truist Financial increased their target price on Leggett & Platt from $11.00 to $13.00 and gave the company a hold rating in a report on Monday, August 5th. Piper Sandler lowered their target price on Leggett & Platt from $16.00 to $13.00 and set an underweight rating on the stock in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group lowered their target price on Leggett & Platt from $14.00 to $12.00 and set a neutral rating on the stock in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $12.67.

Leggett & Platt Trading Down 0.4 %

Shares of NYSE:LEG opened at $12.64 on Wednesday. The company has a market cap of $1.69 billion, a P/E ratio of -10.90 and a beta of 1.08. 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 1 year low of $10.11 and a 1 year high of $28.53. The stock’s fifty day moving average price is $12.24 and its 200-day moving average price is $14.82.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.29. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. Leggett & Platt had a positive return on equity of 10.98% and a negative net margin of 18.05%. Sell-side analysts expect that Leggett & Platt will post 1.11 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Friday, September 13th. Leggett & Platt’s payout ratio is -17.24%.

Insiders Place Their Bets

In related news, CFO Benjamin Michael Burns purchased 3,850 shares of Leggett & Platt stock in a transaction on Thursday, June 6th. The stock was acquired at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the transaction, 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 is available at the SEC website. In other Leggett & Platt news, CFO Benjamin Michael Burns bought 3,850 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the transaction, the chief financial officer now owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Srikanth Padmanabhan bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were acquired at an average price of $12.06 per share, with a total value of $120,600.00. Following the transaction, the director now directly owns 38,623 shares of the company’s stock, valued at approximately $465,793.38. The disclosure for this purchase can be found here. Insiders purchased a total of 15,835 shares of company stock worth $192,383 over the last quarter. 1.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Leggett & Platt

Several institutional investors have recently made changes to their positions in LEG. CVA Family Office LLC bought a new position in Leggett & Platt during the second quarter valued at approximately $36,000. Abich Financial Wealth Management LLC boosted its stake in Leggett & Platt by 93.2% during the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after buying an additional 931 shares during the last quarter. Fifth Third Bancorp boosted its stake in Leggett & Platt by 367.8% during the second quarter. Fifth Third Bancorp now owns 3,396 shares of the company’s stock valued at $39,000 after buying an additional 2,670 shares during the last quarter. GAMMA Investing LLC bought a new position in Leggett & Platt during the fourth quarter valued at approximately $40,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Leggett & Platt by 343.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,371 shares of the company’s stock valued at $50,000 after buying an additional 3,386 shares during 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.