Leggett & Platt’s (LEG) “Neutral” Rating Reiterated at Piper Sandler

Piper Sandler restated their neutral rating on shares of Leggett & Platt (NYSE:LEG) in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a $9.00 target price on the stock, down from their previous target price of $12.00.

Other analysts have also issued research reports about the company. Truist Financial dropped their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, January 29th. The Goldman Sachs Group dropped their price objective on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 14th.

Leggett & Platt Stock Down 1.7 %

NYSE:LEG opened at $6.83 on Friday. The stock has a 50-day simple moving average of $8.63 and a 200 day simple moving average of $10.53. Leggett & Platt has a 52-week low of $6.54 and a 52-week high of $18.49. The company has a market cap of $920.50 million, a PE ratio of -1.83 and a beta of 0.98. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.14 and a current ratio of 2.00.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.21 earnings per share for the quarter, hitting the consensus estimate of $0.21. Leggett & Platt had a negative net margin of 11.67% and a positive return on equity of 17.09%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.03 billion. On average, sell-side analysts expect that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.20 annualized dividend and a yield of 2.93%. Leggett & Platt’s dividend payout ratio (DPR) is currently -5.36%.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc boosted its stake in shares of Leggett & Platt by 7.7% during the 4th quarter. CIBC Asset Management Inc now owns 13,986 shares of the company’s stock worth $134,000 after acquiring an additional 1,001 shares during the period. Sterling Capital Management LLC lifted its holdings in Leggett & Platt by 17.1% during the 4th quarter. Sterling Capital Management LLC now owns 7,972 shares of the company’s stock valued at $77,000 after purchasing an additional 1,163 shares during the last quarter. Swiss National Bank boosted its position in Leggett & Platt by 0.8% during the fourth quarter. Swiss National Bank now owns 263,900 shares of the company’s stock worth $2,533,000 after purchasing an additional 2,100 shares during the period. Deutsche Bank AG grew its stake in Leggett & Platt by 3.2% in the 4th quarter. Deutsche Bank AG now owns 67,319 shares of the company’s stock valued at $646,000 after buying an additional 2,109 shares during the last quarter. Finally, SRS Capital Advisors Inc. grew its position in shares of Leggett & Platt by 555.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 3,102 shares of the company’s stock valued at $30,000 after purchasing an additional 2,629 shares during the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

About Leggett & Platt

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.