Leggett & Platt (NYSE:LEG) Given New $13.00 Price Target at Piper Sandler

Leggett & Platt (NYSE:LEG) had its price target dropped by stock analysts at Piper Sandler from $16.00 to $13.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 2.85% from the company’s current price.

LEG has been the topic of a number of other reports. TheStreet lowered shares of Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. StockNews.com lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Monday, March 11th. Finally, Truist Financial dropped their price objective on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating on the stock in a research note on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.67.

Leggett & Platt Stock Down 30.0 %

NYSE:LEG traded down $5.43 during midday trading on Wednesday, hitting $12.64. 5,468,612 shares of the company were exchanged, compared to its average volume of 1,679,506. The company has a fifty day simple moving average of $19.04 and a 200 day simple moving average of $22.28. Leggett & Platt has a fifty-two week low of $11.02 and a fifty-two week high of $33.50. The company has a current ratio of 1.49, a quick ratio of 0.84 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $1.69 billion, a PE ratio of -12.64 and a beta of 1.17.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a negative net margin of 2.90% and a positive return on equity of 11.99%. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 earnings per share. As a group, equities analysts anticipate that Leggett & Platt will post 1.17 earnings per share for the current fiscal year.

Institutional Trading of Leggett & Platt

Several institutional investors and hedge funds have recently modified their holdings of LEG. Ramirez Asset Management Inc. purchased a new stake in shares of Leggett & Platt in the third quarter valued at about $25,000. Fifth Third Bancorp lifted its holdings in shares of Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after purchasing an additional 722 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Leggett & Platt in the fourth quarter valued at about $40,000. Hexagon Capital Partners LLC lifted its holdings in shares of Leggett & Platt by 67.5% in the third quarter. Hexagon Capital Partners LLC now owns 1,930 shares of the company’s stock valued at $49,000 after purchasing an additional 778 shares in the last quarter. Finally, ORG Partners LLC purchased a new stake in shares of Leggett & Platt in the fourth quarter valued at about $49,000. Hedge funds and other 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.