Leggett & Platt (NYSE:LEG) Trading 4.7% Higher

Leggett & Platt, Incorporated (NYSE:LEGGet Free Report) shares traded up 4.7% on Friday . The company traded as high as $11.25 and last traded at $11.18. 546,659 shares were traded during mid-day trading, a decline of 80% from the average session volume of 2,702,968 shares. The stock had previously closed at $10.68.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Friday. TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Truist Financial dropped their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday. The Goldman Sachs Group dropped their price objective on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, Piper Sandler dropped 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 note on Wednesday, May 1st. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat, Leggett & Platt currently has a consensus rating of “Hold” and a consensus target price of $12.67.

Get Our Latest Stock Report on Leggett & Platt

Leggett & Platt Trading Up 7.3 %

The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89. The business’s 50 day simple moving average is $12.77 and its 200 day simple moving average is $18.69. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -9.88 and a beta of 1.10.

Leggett & Platt (NYSE:LEGGet Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The company’s revenue was down 9.6% compared to the same quarter last year. Research analysts anticipate that Leggett & Platt, Incorporated will post 1.13 EPS for the current year.

Leggett & Platt Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.05 per share. The ex-dividend date is Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.75%. Leggett & Platt’s dividend payout ratio (DPR) is -17.24%.

Insiders Place Their Bets

In other Leggett & Platt news, Director Mark A. Blinn purchased 6,000 shares of Leggett & Platt stock in a transaction on Thursday, May 23rd. The shares were bought at an average price of $10.74 per share, with a total value of $64,440.00. Following the completion of the acquisition, the director now directly owns 32,302 shares of the company’s stock, valued at $346,923.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Mark A. Blinn acquired 6,000 shares of Leggett & Platt stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average price of $10.74 per share, with a total value of $64,440.00. Following the completion of the purchase, the director now owns 32,302 shares of the company’s stock, valued at approximately $346,923.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Karl G. Glassman acquired 23,800 shares of Leggett & Platt stock in a transaction that occurred on Friday, May 31st. The shares were purchased at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the purchase, the chief executive officer now directly owns 1,151,891 shares of the company’s stock, valued at approximately $13,223,708.68. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 65,635 shares of company stock worth $773,447. 1.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On Leggett & Platt

Large investors have recently bought and sold shares of the stock. Ramirez Asset Management Inc. purchased a new position in Leggett & Platt during the third quarter worth approximately $25,000. Fifth Third Bancorp raised its stake in Leggett & Platt by 253.3% during the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after purchasing an additional 722 shares during the period. Abich Financial Wealth Management LLC raised its stake in Leggett & Platt by 93.2% during the first quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after purchasing an additional 931 shares during the period. GAMMA Investing LLC purchased a new position in Leggett & Platt during the fourth quarter worth approximately $40,000. Finally, ORG Partners LLC purchased a new position in Leggett & Platt during the fourth quarter worth approximately $49,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

About Leggett & Platt

(Get Free Report)

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.

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