Truist Financial Raises Leggett & Platt (NYSE:LEG) Price Target to $13.00

Leggett & Platt (NYSE:LEG) had its price objective lifted by Truist Financial from $11.00 to $13.00 in a research report released on Monday, Benzinga reports. They currently have a hold rating on the stock.

Several other equities research analysts have also recently commented on LEG. Piper Sandler cut their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an underweight rating on the stock in a research report on Wednesday, May 1st. The Goldman Sachs Group cut their price target on Leggett & Platt from $14.00 to $12.00 and set a neutral rating on the stock in a report on Wednesday, July 10th. Finally, StockNews.com downgraded Leggett & Platt from a hold rating to a sell rating in a report on Saturday, July 6th. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $12.67.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $12.59 on Monday. The company has a market capitalization of $1.69 billion, a P/E ratio of -10.85 and a beta of 1.08. Leggett & Platt has a 52 week low of $10.11 and a 52 week high of $29.83. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.89 and a current ratio of 1.57. The company’s 50 day moving average price is $12.03 and its two-hundred day moving average price is $16.03.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.59%. Leggett & Platt’s dividend payout ratio is -17.24%.

Insider Activity at Leggett & Platt

In related news, CFO Benjamin Michael Burns purchased 3,850 shares of Leggett & Platt stock in a transaction that occurred on Thursday, June 6th. The stock was purchased 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 owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Srikanth Padmanabhan acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was bought at an average price of $12.06 per share, with a total value of $120,600.00. Following the transaction, the director now directly owns 38,623 shares in the company, valued at approximately $465,793.38. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Benjamin Michael Burns bought 3,850 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was purchased at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the acquisition, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 55,635 shares of company stock valued at $639,547. 1.57% of the stock is owned by insiders.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors have recently bought and sold shares of the business. Inspire Advisors LLC acquired a new position in shares of Leggett & Platt during the 2nd quarter worth approximately $1,014,000. Prevail Innovative Wealth Advisors LLC bought a new position in Leggett & Platt during the second quarter worth $1,322,000. Meeder Advisory Services Inc. bought a new position in Leggett & Platt during the second quarter worth $127,000. Jupiter Asset Management Ltd. acquired a new position in shares of Leggett & Platt in the second quarter valued at $1,857,000. Finally, Headlands Technologies LLC raised its position in shares of Leggett & Platt by 528.1% in the second quarter. Headlands Technologies LLC now owns 48,612 shares of the company’s stock valued at $557,000 after purchasing an additional 40,873 shares during the period. Institutional investors and hedge funds own 64.23% of the company’s stock.

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.