Leggett & Platt (NYSE:LEG) Rating Increased to Buy at Wall Street Zen

Leggett & Platt (NYSE:LEG) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Leggett & Platt in a research note on Monday, December 29th. Zacks Research downgraded Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Piper Sandler increased their target price on Leggett & Platt from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. The Goldman Sachs Group restated a “neutral” rating and issued a $11.00 price target on shares of Leggett & Platt in a research report on Wednesday, October 29th. Finally, Truist Financial upped their price objective on shares of Leggett & Platt from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Wednesday, October 29th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.67.

Leggett & Platt Price Performance

NYSE:LEG opened at $12.89 on Friday. Leggett & Platt has a 52 week low of $6.47 and a 52 week high of $13.00. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 8.01 and a beta of 0.72. The firm’s 50-day simple moving average is $11.72 and its 200 day simple moving average is $10.13. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.35 and a current ratio of 2.15.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Leggett & Platt by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,990,042 shares of the company’s stock worth $208,890,000 after acquiring an additional 282,940 shares during the last quarter. Marshall Wace LLP increased its position in Leggett & Platt by 35.8% during the 2nd quarter. Marshall Wace LLP now owns 3,380,980 shares of the company’s stock worth $30,158,000 after purchasing an additional 890,577 shares in the last quarter. Geode Capital Management LLC lifted its stake in Leggett & Platt by 47.8% in the 2nd quarter. Geode Capital Management LLC now owns 3,175,556 shares of the company’s stock valued at $28,330,000 after purchasing an additional 1,026,608 shares during the last quarter. Invenomic Capital Management LP boosted its position in Leggett & Platt by 44.1% in the third quarter. Invenomic Capital Management LP now owns 2,344,306 shares of the company’s stock valued at $20,817,000 after buying an additional 717,079 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Leggett & Platt by 8.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,003,756 shares of the company’s stock worth $17,792,000 after buying an additional 150,970 shares during the last quarter. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.