Leggett & Platt (NYSE:LEG) Given New $11.00 Price Target at Truist Financial

Leggett & Platt (NYSE:LEG) had its price objective dropped by stock analysts at Truist Financial from $13.00 to $11.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential upside of 1.57% from the company’s current price.

LEG has been the topic of a number of other reports. StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Wednesday, June 19th. The Goldman Sachs Group dropped their target price on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Piper Sandler dropped their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Finally, TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.67.

Leggett & Platt Trading Up 0.5 %

LEG stock opened at $10.83 on Thursday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57. The company’s 50-day simple moving average is $13.04 and its 200 day simple moving average is $18.90. Leggett & Platt has a 52 week low of $10.11 and a 52 week high of $31.14. The company has a market capitalization of $1.45 billion, a PE ratio of -9.34 and a beta of 1.10.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $1.11 billion. During the same quarter last year, the company posted $0.39 earnings per share. The company’s revenue was down 9.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Leggett & Platt will post 1.13 earnings per share for the current year.

Insider Buying and Selling at Leggett & Platt

In other news, CFO Benjamin Michael Burns bought 3,850 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In related news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were acquired at an average cost of $13.39 per share, for a total transaction of $133,900.00. Following the purchase, the executive vice president now owns 41,535 shares in the company, valued at $556,153.65. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Benjamin Michael Burns acquired 3,850 shares of the 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 purchase, the chief financial officer now directly owns 81,362 shares in the company, valued at approximately $992,616.40. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 65,635 shares of company stock valued at $773,447. 1.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Leggett & Platt

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Insight Folios Inc raised its stake in Leggett & Platt by 5.2% in the 4th quarter. Insight Folios Inc now owns 9,374 shares of the company’s stock valued at $245,000 after acquiring an additional 460 shares during the period. Federated Hermes Inc. grew its holdings in Leggett & Platt by 2.8% during the 3rd quarter. Federated Hermes Inc. now owns 18,641 shares of the company’s stock valued at $474,000 after buying an additional 499 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Leggett & Platt by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 58,754 shares of the company’s stock valued at $1,538,000 after buying an additional 570 shares in the last quarter. GPS Wealth Strategies Group LLC grew its holdings in Leggett & Platt by 15.1% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 4,624 shares of the company’s stock valued at $121,000 after buying an additional 605 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its holdings in shares of Leggett & Platt by 18.5% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 3,888 shares of the company’s stock worth $99,000 after purchasing an additional 606 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.

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.