Leggett & Platt (NYSE:LEG) Price Target Lowered to $14.00 at The Goldman Sachs Group

Leggett & Platt (NYSE:LEG) had its price target lowered by The Goldman Sachs Group from $20.00 to $14.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also recently issued reports about the company. Piper Sandler cut their price target on Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a report on Wednesday. StockNews.com lowered Leggett & Platt from a hold rating to a sell rating in a research note on Monday, March 11th. Truist Financial cut their price objective on Leggett & Platt from $18.00 to $16.00 and set a hold rating on the stock in a report on Tuesday, March 26th. Finally, TheStreet downgraded Leggett & Platt from a c rating to a d+ rating in a report on Monday, March 11th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $13.33.

Leggett & Platt Stock Up 2.9 %

Shares of NYSE:LEG opened at $13.95 on Thursday. Leggett & Platt has a 12 month low of $11.02 and a 12 month high of $33.11. The company has a current ratio of 1.57, a quick ratio of 0.84 and a debt-to-equity ratio of 1.37. The company’s fifty day moving average price is $18.63 and its 200 day moving average price is $22.06.

Leggett & Platt (NYSE:LEG) last released its earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the business posted $0.39 EPS. Leggett & Platt’s revenue was down 9.6% compared to the same quarter last year. On average, equities research analysts anticipate that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a $0.05 dividend. 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 dividend payout ratio (DPR) is currently -158.62%.

Insider Activity

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the stock in a transaction on Thursday, May 2nd. The stock was purchased at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the purchase, the executive vice president now directly owns 41,535 shares in the company, valued at $556,153.65. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Leggett & Platt by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,946,981 shares of the company’s stock worth $328,983,000 after acquiring an additional 117,499 shares in the last quarter. South Dakota Investment Council lifted its holdings in shares of Leggett & Platt by 52.9% in the 4th quarter. South Dakota Investment Council now owns 145,846 shares of the company’s stock worth $3,817,000 after purchasing an additional 50,438 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Leggett & Platt by 253.3% in the 4th quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after purchasing an additional 722 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Leggett & Platt by 68.5% in the 4th 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 last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Leggett & Platt by 45.7% in the 3rd quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock worth $43,186,000 after purchasing an additional 532,780 shares during the last quarter. Institutional investors and hedge funds 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.