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

Leggett & Platt (NYSE:LEG) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Friday.

A number of other research analysts also recently issued reports on the company. Piper Sandler dropped their price target on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. The Goldman Sachs Group dropped their price target on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, Truist Financial dropped their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.67.

Leggett & Platt Stock Up 7.3 %

Shares of LEG stock traded up $0.78 on Friday, reaching $11.46. 4,391,489 shares of the stock were exchanged, compared to its average volume of 2,734,542. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -9.88 and a beta of 1.10. The business’s 50 day moving average price is $12.77 and its 200 day moving average price is $18.74. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. Leggett & Platt has a twelve month low of $10.11 and a twelve month high of $31.14.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 EPS 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 11.31%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company posted $0.39 EPS. The company’s revenue was down 9.6% compared to the same quarter last year. As a group, sell-side analysts expect that Leggett & Platt will post 1.13 earnings per share for the current fiscal year.

Insider Transactions at Leggett & Platt

In related news, CFO Benjamin Michael Burns purchased 3,850 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $12.20 per share, with a total value of $46,970.00. Following the completion of the acquisition, the chief financial officer now directly owns 81,362 shares in the company, valued at approximately $992,616.40. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Leggett & Platt news, CFO Benjamin Michael Burns acquired 3,850 shares of the stock in a transaction dated Thursday, June 6th. The stock was acquired at an average price of $12.20 per share, with a total value 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 $992,616.40. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Karl G. Glassman acquired 23,800 shares of the stock in a transaction dated Friday, May 31st. The stock was acquired at an average cost of $11.48 per share, with a total value of $273,224.00. Following the transaction, the chief executive officer now owns 1,151,891 shares of the company’s stock, valued at $13,223,708.68. The disclosure for this purchase can be found here. Insiders purchased a total of 65,635 shares of company stock valued at $773,447 over the last three months. 1.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Leggett & Platt

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