Leggett & Platt (NYSE:LEG) Upgraded to Hold by StockNews.com

Leggett & Platt (NYSE:LEG) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group reduced 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. TheStreet cut Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Truist Financial cut their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a research note on Friday. Finally, Piper Sandler lowered their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.33.

Leggett & Platt Price Performance

Shares of NYSE:LEG traded down $0.47 during trading on Tuesday, hitting $13.18. 2,765,163 shares of the company were exchanged, compared to its average volume of 1,910,759. Leggett & Platt has a 1-year low of $11.02 and a 1-year high of $33.06. The company has a market capitalization of $1.76 billion, a P/E ratio of -11.36 and a beta of 1.19. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37. The business’s 50 day moving average is $18.35 and its 200-day moving average is $21.89.

Leggett & Platt (NYSE:LEG) last posted its earnings results on Tuesday, April 30th. The company reported $0.23 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 during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the business posted $0.39 earnings per share. Leggett & Platt’s revenue for the quarter was down 9.6% compared to the same quarter last year. Equities analysts forecast that Leggett & Platt will post 1.14 earnings per share for the current year.

Insiders Place Their Bets

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were purchased at an average cost of $13.39 per share, for a total transaction of $133,900.00. Following the acquisition, the executive vice president now owns 41,535 shares of the company’s stock, valued at $556,153.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently made changes to their positions in LEG. Norges Bank acquired a new position in Leggett & Platt during the 4th quarter worth approximately $26,814,000. Pacer Advisors Inc. raised its position in shares of Leggett & Platt by 68.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock worth $50,636,000 after purchasing an additional 786,297 shares during the period. Qube Research & Technologies Ltd lifted its holdings in shares of Leggett & Platt by 329.6% in the 3rd quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock worth $21,198,000 after purchasing an additional 640,015 shares in the last quarter. Invesco Ltd. grew its position in Leggett & Platt by 45.7% in the 3rd quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock valued at $43,186,000 after purchasing an additional 532,780 shares during the period. Finally, Hsbc Holdings PLC increased its stake in Leggett & Platt by 675.3% during the 3rd quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock valued at $12,121,000 after purchasing an additional 415,641 shares in the last quarter. Institutional investors own 64.23% of the company’s stock.

About Leggett & Platt

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.