Leggett & Platt (NYSE:LEG) Price Target Lowered to $13.00 at Piper Sandler

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

Other research analysts have also recently issued research reports about the stock. TheStreet cut shares of Leggett & Platt from a c rating to a d+ rating in a report on Monday, March 11th. Truist Financial decreased their price objective on shares of Leggett & Platt from $18.00 to $16.00 and set a hold rating for the company in a research note on Tuesday, March 26th. Finally, StockNews.com cut Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $13.33.

Leggett & Platt Trading Up 2.9 %

NYSE:LEG opened at $13.95 on Wednesday. Leggett & Platt has a 12 month low of $11.02 and a 12 month high of $33.11. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.84. The business’s fifty day moving average price is $18.63 and its 200 day moving average price is $22.06.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data 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 negative net margin of 3.44% and a positive return on equity of 11.31%. The company’s revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. Analysts anticipate that Leggett & Platt will post 1.14 earnings per share for the current fiscal 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 paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s dividend payout ratio is currently -158.62%.

Insiders Place Their Bets

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of Leggett & Platt stock in a transaction dated Thursday, May 2nd. The stock was acquired at an average cost of $13.39 per share, with a total value of $133,900.00. Following the completion of the acquisition, the executive vice president now owns 41,535 shares of the company’s stock, valued at $556,153.65. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Insight Folios Inc lifted its holdings in shares of Leggett & Platt by 5.2% during the fourth quarter. Insight Folios Inc now owns 9,374 shares of the company’s stock worth $245,000 after purchasing an additional 460 shares during the period. Federated Hermes Inc. lifted its stake in shares of Leggett & Platt by 2.8% in the 3rd quarter. Federated Hermes Inc. now owns 18,641 shares of the company’s stock worth $474,000 after acquiring an additional 499 shares during the period. Arizona State Retirement System boosted its holdings in shares of Leggett & Platt by 1.4% in the third quarter. Arizona State Retirement System now owns 37,901 shares of the company’s stock valued at $963,000 after acquiring an additional 523 shares in the last quarter. Covestor Ltd increased its stake in shares of Leggett & Platt by 17.6% during the third quarter. Covestor Ltd now owns 3,575 shares of the company’s stock worth $91,000 after acquiring an additional 535 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in Leggett & Platt by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 58,754 shares of the company’s stock worth $1,538,000 after purchasing an additional 570 shares in the last quarter. 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.