Leggett & Platt (NYSE:LEG) Stock Rating Lowered by StockNews.com

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

A number of other analysts also recently commented on LEG. Piper Sandler reduced their price objective 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. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Truist Financial reduced their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. Finally, The Goldman Sachs Group reduced their price objective on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $13.33.

Leggett & Platt Stock Performance

LEG opened at $11.87 on Wednesday. The firm has a market capitalization of $1.59 billion, a P/E ratio of -10.23 and a beta of 1.10. The stock’s 50 day moving average price is $13.52 and its two-hundred day moving average price is $19.33. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37. Leggett & Platt has a 12-month low of $10.11 and a 12-month high of $31.14.

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

Insider Buying and Selling

In related news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was acquired at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the transaction, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at $556,153.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Leggett & Platt news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average cost of $13.39 per share, with a total value of $133,900.00. Following the acquisition, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark A. Blinn purchased 6,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average cost of $10.74 per share, with a total value of $64,440.00. Following the completion of the acquisition, the director now directly owns 32,302 shares in the company, valued at $346,923.48. The disclosure for this purchase can be found here. Insiders purchased 65,635 shares of company stock worth $773,447 in the last 90 days. 1.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the business. UBS Group AG increased its stake in shares of Leggett & Platt by 134.7% in the 3rd quarter. UBS Group AG now owns 502,885 shares of the company’s stock valued at $12,778,000 after buying an additional 288,585 shares during the period. Kestra Advisory Services LLC increased its stake in shares of Leggett & Platt by 5.9% in the 3rd quarter. Kestra Advisory Services LLC now owns 13,970 shares of the company’s stock valued at $355,000 after buying an additional 775 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Leggett & Platt by 9.7% in the 3rd quarter. Rafferty Asset Management LLC now owns 32,091 shares of the company’s stock valued at $815,000 after buying an additional 2,838 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Leggett & Platt in the 3rd quarter valued at $237,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Leggett & Platt by 16.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 401,175 shares of the company’s stock valued at $10,194,000 after buying an additional 56,046 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.

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.