Leggett & Platt (NYSE:LEG) Upgraded at StockNews.com

StockNews.com upgraded shares of Leggett & Platt (NYSE:LEG) from a sell rating to a hold rating in a research note published on Monday.

Several other brokerages also recently commented on LEG. Truist Financial raised their price objective on Leggett & Platt from $11.00 to $13.00 and gave the stock a hold rating in a research note on Monday, August 5th. Piper Sandler lowered their target price on Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group lowered their target price on Leggett & Platt from $14.00 to $12.00 and set a neutral rating for the company in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $12.67.

Leggett & Platt Stock Performance

Shares of Leggett & Platt stock opened at $12.41 on Monday. The company has a market capitalization of $1.66 billion, a PE ratio of -10.69 and a beta of 1.08. Leggett & Platt has a 12 month low of $10.11 and a 12 month high of $28.53. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. The stock’s fifty day simple moving average is $12.06 and its 200 day simple moving average is $15.45.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, September 13th. Leggett & Platt’s payout ratio is -17.24%.

Insider Activity

In related news, CEO Karl G. Glassman acquired 23,800 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was bought at an average price of $11.48 per share, for a total transaction of $273,224.00. Following the acquisition, the chief executive officer now directly owns 1,151,891 shares of the company’s stock, valued at $13,223,708.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Leggett & Platt news, CEO Karl G. Glassman purchased 23,800 shares of Leggett & Platt stock in a transaction that occurred on Friday, May 31st. The stock was acquired at an average price of $11.48 per share, for a total transaction of $273,224.00. Following the completion of the acquisition, the chief executive officer now owns 1,151,891 shares of the company’s stock, valued at approximately $13,223,708.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Benjamin Michael Burns purchased 3,850 shares of Leggett & Platt stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average price of $12.20 per share, with a total value of $46,970.00. Following the acquisition, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The disclosure for this purchase can be found here. Insiders purchased 55,635 shares of company stock worth $639,547 in the last quarter. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Leggett & Platt

Several hedge funds have recently bought and sold shares of LEG. International Assets Investment Management LLC acquired a new stake in Leggett & Platt during the fourth quarter worth approximately $336,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Leggett & Platt by 32.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,039 shares of the company’s stock worth $498,000 after acquiring an additional 4,662 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Leggett & Platt by 36.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 7,800 shares of the company’s stock worth $204,000 after acquiring an additional 2,100 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in Leggett & Platt during the fourth quarter worth approximately $979,000. Finally, SVB Wealth LLC acquired a new stake in Leggett & Platt during the fourth quarter worth approximately $232,000. 64.23% of the stock is currently 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.