The Goldman Sachs Group Cuts Leggett & Platt (NYSE:LEG) Price Target to $14.00

Leggett & Platt (NYSE:LEG) had its price target lowered by research analysts at The Goldman Sachs Group from $20.00 to $14.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 6.63% from the stock’s previous close.

LEG has been the topic of a number of other research reports. StockNews.com lowered Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Monday, March 11th. TheStreet lowered Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Truist Financial lowered their target price on Leggett & Platt from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, March 26th. Finally, Piper Sandler decreased their price target on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.33.

Leggett & Platt Price Performance

Shares of LEG traded down $0.12 during trading hours on Thursday, reaching $13.13. The company had a trading volume of 2,269,367 shares, compared to its average volume of 1,823,695. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -11.40 and a beta of 1.19. The company has a current ratio of 1.49, a quick ratio of 0.84 and a debt-to-equity ratio of 1.26. The firm has a 50 day simple moving average of $18.90 and a 200-day simple moving average of $22.21. Leggett & Platt has a 12-month low of $11.02 and a 12-month high of $33.11.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results 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 negative net margin of 3.44% and a positive return on equity of 10.84%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the business earned $0.39 EPS. The company’s quarterly revenue was down 9.6% compared to the same quarter last year. Research analysts expect that Leggett & Platt will post 1.17 earnings per share for the current year.

Institutional Investors Weigh In On Leggett & Platt

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

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.