Leggett & Platt (NYSE:LEG) Rating Lowered to Sell at StockNews.com

Leggett & Platt (NYSE:LEGGet Rating) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

LEG has been the topic of several other research reports. Piper Sandler cut their price objective on shares of Leggett & Platt from $37.00 to $31.00 in a research report on Tuesday, October 11th. TheStreet lowered shares of Leggett & Platt from a “b-” rating to a “c+” rating in a research report on Thursday, October 20th. Truist Financial cut their price objective on shares of Leggett & Platt from $41.00 to $35.00 in a research report on Tuesday, October 11th. Finally, The Goldman Sachs Group dropped their price target on shares of Leggett & Platt from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, October 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Leggett & Platt currently has an average rating of “Hold” and a consensus target price of $39.00.

Leggett & Platt Stock Performance

NYSE:LEG opened at $34.09 on Monday. Leggett & Platt has a twelve month low of $30.28 and a twelve month high of $45.00. The company has a 50-day moving average of $34.57 and a 200-day moving average of $36.64. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of 12.86 and a beta of 1.26. The company has a current ratio of 2.07, a quick ratio of 1.06 and a debt-to-equity ratio of 1.37.

Leggett & Platt (NYSE:LEGGet Rating) last announced its earnings results on Monday, October 31st. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Leggett & Platt had a net margin of 6.86% and a return on equity of 22.32%. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the company posted $0.71 earnings per share. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. Analysts forecast that Leggett & Platt will post 2.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp boosted its stake in Leggett & Platt by 35.5% during the first quarter. State Street Corp now owns 14,506,308 shares of the company’s stock worth $510,661,000 after buying an additional 3,803,469 shares in the last quarter. CFS Investment Advisory Services LLC boosted its stake in Leggett & Platt by 3,378.6% during the first quarter. CFS Investment Advisory Services LLC now owns 1,264,980 shares of the company’s stock worth $36,000 after buying an additional 1,228,615 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Leggett & Platt by 453.3% during the first quarter. Renaissance Technologies LLC now owns 713,700 shares of the company’s stock worth $24,837,000 after buying an additional 584,700 shares in the last quarter. ProShare Advisors LLC boosted its stake in Leggett & Platt by 2,747.0% during the first quarter. ProShare Advisors LLC now owns 578,375 shares of the company’s stock worth $20,129,000 after buying an additional 558,060 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Leggett & Platt by 98.5% during the first quarter. Goldman Sachs Group Inc. now owns 909,044 shares of the company’s stock worth $31,635,000 after buying an additional 451,175 shares in the last quarter. Institutional investors and hedge funds own 71.79% of the company’s stock.

Leggett & Platt Company Profile

(Get Rating)

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.

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