Leggett & Platt (NYSE:LEG) Rating Increased to Hold at StockNews.com

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

Several other research firms have also weighed in on LEG. The Goldman Sachs Group lowered their price objective 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. Truist Financial dropped their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday. Piper Sandler reduced their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Finally, TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat, Leggett & Platt has an average rating of “Hold” and a consensus target price of $12.67.

Leggett & Platt Stock Performance

Shares of NYSE LEG opened at $11.46 on Friday. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of -9.88 and a beta of 1.10. Leggett & Platt has a one year low of $10.11 and a one year high of $31.14. The business has a fifty day simple moving average of $12.77 and a 200 day simple moving average of $18.69. 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 (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). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. Leggett & Platt’s revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.39 earnings per share. Sell-side analysts expect that Leggett & Platt will post 1.13 EPS for the current year.

Insider Activity at Leggett & Platt

In related news, CEO Karl G. Glassman acquired 23,800 shares of the firm’s stock in a transaction that occurred on 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 completion of the purchase, the chief executive officer now directly owns 1,151,891 shares in the company, valued at $13,223,708.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Benjamin Michael Burns purchased 3,850 shares of Leggett & Platt stock in a transaction dated Thursday, June 6th. The shares were bought at an average cost 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 approximately $992,616.40. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Karl G. Glassman purchased 23,800 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was purchased at an average cost of $11.48 per share, with a total value of $273,224.00. Following the acquisition, the chief executive officer now directly owns 1,151,891 shares in the company, valued at $13,223,708.68. The disclosure for this purchase can be found here. Insiders have acquired 65,635 shares of company stock worth $773,447 over the last ninety days. Company insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Insight Folios Inc raised its holdings 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 acquiring an additional 460 shares during the period. Federated Hermes Inc. raised its stake in shares of Leggett & Platt by 2.8% in the 3rd quarter. Federated Hermes Inc. now owns 18,641 shares of the company’s stock valued at $474,000 after purchasing an additional 499 shares during the period. Treasurer of the State of North Carolina lifted its holdings in shares of 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 valued at $1,538,000 after purchasing an additional 570 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its position in shares of Leggett & Platt by 15.1% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 4,624 shares of the company’s stock worth $121,000 after buying an additional 605 shares during the period. Finally, TFO Wealth Partners LLC grew its holdings in shares of Leggett & Platt by 10,833.3% during the fourth quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock worth $157,000 after buying an additional 650 shares in the last quarter. 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.