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

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

LEG has been the subject of a number of other reports. Truist Financial lifted their target price on Leggett & Platt from $11.00 to $13.00 and gave the stock a “hold” rating in a report on Monday, August 5th. The Goldman Sachs Group lowered their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Piper Sandler cut 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. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, Leggett & Platt has an average rating of “Hold” and an average target price of $12.67.

Leggett & Platt Trading Down 0.6 %

NYSE:LEG opened at $12.85 on Wednesday. Leggett & Platt has a 52 week low of $10.11 and a 52 week high of $28.53. The firm’s fifty day moving average is $12.19 and its 200-day moving average is $14.94. The firm has a market cap of $1.72 billion, a P/E ratio of -11.08 and a beta of 1.08. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.29 EPS for the quarter, meeting analysts’ consensus estimates of $0.29. Leggett & Platt had a negative net margin of 18.05% and a positive return on equity of 10.98%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Equities analysts expect that Leggett & Platt will post 1.11 earnings per share for the current year.

Insider Activity

In other news, CFO Benjamin Michael Burns bought 3,850 shares of Leggett & Platt stock in a transaction dated 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 purchase, the chief financial officer now directly owns 81,362 shares in the company, valued at approximately $992,616.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Leggett & Platt news, CEO Karl G. Glassman purchased 23,800 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The shares were acquired at an average cost 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 through this hyperlink. Also, CFO Benjamin Michael Burns acquired 3,850 shares of Leggett & Platt 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 purchase, the chief financial officer now directly owns 81,362 shares in the company, valued at $992,616.40. The disclosure for this purchase can be found here. Insiders have purchased 49,635 shares of company stock worth $575,107 over the last 90 days. 1.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in shares of Leggett & Platt by 426.2% during the 2nd quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock worth $160,923,000 after acquiring an additional 11,373,507 shares during the period. Vanguard Group Inc. increased its stake in shares of Leggett & Platt by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company’s stock worth $340,107,000 after purchasing an additional 49,086 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Leggett & Platt by 12.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,373,959 shares of the company’s stock valued at $62,127,000 after purchasing an additional 262,145 shares during the period. AQR Capital Management LLC lifted its stake in shares of Leggett & Platt by 1,098.0% during the 2nd quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after buying an additional 1,838,009 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Leggett & Platt by 1.0% during the 1st quarter. ProShare Advisors LLC now owns 1,284,654 shares of the company’s stock valued at $24,601,000 after buying an additional 12,502 shares in the last quarter. 64.23% of the stock is 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.