Leggett & Platt (NYSE:LEG) Given New $13.00 Price Target at Piper Sandler

Leggett & Platt (NYSE:LEG) had its price target reduced by Piper Sandler from $16.00 to $13.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an underweight rating on the stock.

Several other equities analysts have also recently issued reports on the stock. Truist Financial reduced their price target on shares of Leggett & Platt from $18.00 to $16.00 and set a hold rating on the stock in a research report on Tuesday, March 26th. TheStreet downgraded Leggett & Platt from a c rating to a d+ rating in a report on Monday, March 11th. Finally, StockNews.com lowered Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $17.67.

Leggett & Platt Stock Down 26.6 %

Shares of NYSE:LEG opened at $13.27 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26. The company has a 50-day moving average price of $18.90 and a 200-day moving average price of $22.21. Leggett & Platt has a 12 month low of $11.02 and a 12 month high of $33.50.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 10.84%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the company earned $0.39 EPS. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. Equities research analysts expect that Leggett & Platt will post 1.17 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.51%. Leggett & Platt’s dividend payout ratio (DPR) is currently -158.62%.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the business. TFO Wealth Partners LLC grew its stake in shares of Leggett & Platt by 10,833.3% in the fourth quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock worth $157,000 after acquiring an additional 650 shares during the last quarter. Ramirez Asset Management Inc. bought a new position in Leggett & Platt in the 3rd quarter worth about $25,000. Fifth Third Bancorp grew its position in Leggett & Platt by 253.3% during the 4th quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after purchasing an additional 722 shares during the last quarter. GAMMA Investing LLC bought a new stake in Leggett & Platt during the 4th quarter valued at about $40,000. Finally, ORG Partners LLC purchased a new position in Leggett & Platt in the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

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.