Leggett & Platt (NYSE:LEG) Raised to Hold at StockNews.com

Leggett & Platt (NYSE:LEG) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

Other research analysts have also recently issued reports about the stock. 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, May 1st. The Goldman Sachs Group cut their target price on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a research report on Monday, March 11th. Finally, Truist Financial cut their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $13.33.

Leggett & Platt Stock Down 1.1 %

LEG stock opened at $13.03 on Tuesday. The stock’s 50 day moving average is $18.19 and its 200-day moving average is $21.83. Leggett & Platt has a twelve month low of $11.02 and a twelve month high of $33.06. The firm has a market capitalization of $1.74 billion, a PE ratio of -11.23 and a beta of 1.19. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the business posted $0.39 earnings per share. Leggett & Platt’s revenue was down 9.6% on a year-over-year basis. Sell-side analysts expect that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of Leggett & Platt stock in a transaction on 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 in the company, valued at $556,153.65. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Leggett & Platt

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LEG. Ramirez Asset Management Inc. bought a new stake in shares of Leggett & Platt in the third quarter valued at approximately $25,000. Fifth Third Bancorp grew its position in shares of Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after purchasing an additional 722 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Leggett & Platt during the fourth quarter valued at about $40,000. ORG Partners LLC bought a new stake in Leggett & Platt during the 4th quarter worth approximately $49,000. Finally, Quadrant Capital Group LLC raised its position in shares of Leggett & Platt by 56.2% in the fourth quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock worth $56,000 after buying an additional 766 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.

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.