Leggett & Platt (NYSE:LEG) Price Target Cut to $13.00

Leggett & Platt (NYSE:LEG) had its price target decreased by equities researchers at Truist Financial from $16.00 to $13.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price points to a potential downside of 6.81% from the company’s current price.

A number of other brokerages have also recently commented on LEG. The Goldman Sachs Group decreased their target price on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday. TheStreet cut shares of Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. StockNews.com cut shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. Finally, Piper Sandler cut their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $13.33.

Leggett & Platt Trading Up 2.9 %

Leggett & Platt stock opened at $13.95 on Friday. The firm’s fifty day moving average price is $18.63 and its 200-day moving average price is $22.06. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.84 and a current ratio of 1.57. Leggett & Platt has a fifty-two week low of $11.02 and a fifty-two week high of $33.11.

Leggett & Platt (NYSE:LEG) last issued its 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). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 EPS. Equities research analysts forecast that Leggett & Platt will post 1.14 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were purchased at an average price of $13.39 per share, with a total value of $133,900.00. Following the purchase, the executive vice president now owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Leggett & Platt

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Leggett & Platt by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company’s stock valued at $340,107,000 after purchasing an additional 49,086 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Leggett & Platt by 7.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,231,637 shares of the company’s stock valued at $154,888,000 after purchasing an additional 405,363 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Leggett & Platt by 12.4% during the 4th 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 in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Leggett & Platt by 68.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock valued at $50,636,000 after purchasing an additional 786,297 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Leggett & Platt by 45.7% during the 3rd quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock valued at $43,186,000 after purchasing an additional 532,780 shares in the last quarter. 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.