Piper Jaffray Companies Reiterates Buy Rating for Leggett & Platt, Incorporated (NYSE:LEG)

Leggett & Platt, Incorporated (NYSE:LEG)‘s stock had its “buy” rating reaffirmed by analysts at Piper Jaffray Companies in a report issued on Friday. They currently have a $59.00 target price on the stock. Piper Jaffray Companies’ target price suggests a potential upside of 11.11% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Leggett & Platt, from a “buy” rating to a “hold” rating in a research note on Tuesday, April 11th. Stifel Nicolaus boosted their target price on shares of Leggett & Platt, from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Monday, April 3rd. Credit Suisse Group initiated coverage on shares of Leggett & Platt, in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $56.00 target price on the stock. BidaskClub downgraded shares of Leggett & Platt, from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Finally, Gabelli initiated coverage on shares of Leggett & Platt, in a research note on Wednesday, June 21st. They issued a “hold” rating and a $53.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $55.57.

Shares of Leggett & Platt, (LEG) opened at 53.10 on Friday. Leggett & Platt, has a 12-month low of $44.02 and a 12-month high of $54.97. The company has a 50 day moving average of $52.15 and a 200-day moving average of $50.44. The firm has a market cap of $7.03 billion, a PE ratio of 19.33 and a beta of 1.01.

Leggett & Platt, (NYSE:LEG) last issued its earnings results on Thursday, April 27th. The company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.03. Leggett & Platt, had a net margin of 10.14% and a return on equity of 31.91%. The company had revenue of $960.30 million for the quarter, compared to the consensus estimate of $958.98 million. During the same quarter in the previous year, the company earned $0.63 EPS. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. Equities research analysts forecast that Leggett & Platt, will post $2.63 EPS for the current fiscal year.

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In related news, SVP Scott S. Douglas sold 5,000 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $53.26, for a total transaction of $266,300.00. Following the transaction, the senior vice president now owns 36,133 shares in the company, valued at approximately $1,924,443.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph W. Mcclanathan sold 5,715 shares of the company’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $52.91, for a total transaction of $302,380.65. Following the transaction, the director now owns 32,314 shares in the company, valued at approximately $1,709,733.74. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,320 shares of company stock worth $2,477,652. 1.78% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ronna Sue Cohen increased its position in shares of Leggett & Platt, by 0.6% in the second quarter. Ronna Sue Cohen now owns 8,220 shares of the company’s stock valued at $432,000 after buying an additional 47 shares during the period. Chesley Taft & Associates LLC increased its position in shares of Leggett & Platt, by 0.3% in the first quarter. Chesley Taft & Associates LLC now owns 14,825 shares of the company’s stock valued at $746,000 after buying an additional 50 shares during the period. Trustmark National Bank Trust Department increased its position in shares of Leggett & Platt, by 0.9% in the first quarter. Trustmark National Bank Trust Department now owns 6,360 shares of the company’s stock valued at $320,000 after buying an additional 59 shares during the period. Huntington National Bank increased its position in shares of Leggett & Platt, by 0.8% in the first quarter. Huntington National Bank now owns 9,101 shares of the company’s stock valued at $458,000 after buying an additional 69 shares during the period. Finally, Smith Moore & CO. increased its position in shares of Leggett & Platt, by 1.2% in the first quarter. Smith Moore & CO. now owns 7,479 shares of the company’s stock valued at $376,000 after buying an additional 86 shares during the period. Institutional investors and hedge funds own 72.09% of the company’s stock.

Leggett & Platt, Company Profile

Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.

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