Leggett & Platt (NYSE:LEG) Price Target Lowered to $13.00 at Truist Financial

Leggett & Platt (NYSE:LEG) had its target price lowered by Truist Financial from $16.00 to $13.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Other research analysts have also recently issued reports about the company. StockNews.com cut Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. TheStreet downgraded shares of Leggett & Platt from a c rating to a d+ rating in a report on Monday, March 11th. Piper Sandler decreased their target price on shares of Leggett & Platt from $16.00 to $13.00 and set an underweight rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group dropped their price target on shares of Leggett & Platt from $20.00 to $14.00 and set a neutral rating for the company in a research report on Thursday. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $13.33.

Leggett & Platt Stock Performance

Shares of NYSE:LEG traded up $0.39 on Friday, hitting $13.95. 3,968,813 shares of the company were exchanged, compared to its average volume of 2,435,515. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.84 and a current ratio of 1.57. The company’s 50 day moving average price is $18.63 and its two-hundred day moving average price is $22.08. Leggett & Platt has a one year low of $11.02 and a one year high of $33.11. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of -12.03 and a beta of 1.19.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) 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 firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The company’s revenue was down 9.6% on a year-over-year basis. Research analysts expect that Leggett & Platt will post 1.15 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be issued 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 1.43%. Leggett & Platt’s payout ratio is presently -158.62%.

Insider Transactions at Leggett & Platt

In other news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average cost of $13.39 per share, with a total value of $133,900.00. Following the acquisition, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Leggett & Platt

Large investors have recently bought and sold shares of the business. Norges Bank acquired a new position in Leggett & Platt in the fourth quarter worth $26,814,000. Pacer Advisors Inc. lifted its position in Leggett & Platt by 68.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock worth $50,636,000 after buying an additional 786,297 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in Leggett & Platt by 329.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock worth $21,198,000 after acquiring an additional 640,015 shares during the last quarter. Invesco Ltd. grew its holdings in Leggett & Platt by 45.7% during the 3rd quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock worth $43,186,000 after acquiring an additional 532,780 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in Leggett & Platt by 675.3% in the 3rd quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock valued at $12,121,000 after acquiring an additional 415,641 shares in the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Company Profile

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.