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

Leggett & Platt (NYSE:LEG) had its target price reduced by Truist Financial from $16.00 to $13.00 in a research note released on Friday, Benzinga reports. They currently have a hold rating on the stock.

Several other research firms also recently weighed in on LEG. StockNews.com downgraded shares of Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. TheStreet cut Leggett & Platt from a c rating to a d+ rating in a report on Monday, March 11th. The Goldman Sachs Group lowered their price target on Leggett & Platt from $20.00 to $14.00 and set a neutral rating on the stock in a research note on Thursday. Finally, Piper Sandler reduced their price objective on Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $13.33.

Leggett & Platt Price Performance

LEG traded down $0.34 during trading on Friday, hitting $13.61. The company’s stock had a trading volume of 2,309,941 shares, compared to its average volume of 1,891,598. 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 fifty day simple moving average is $18.63 and its 200 day simple moving average is $22.04. Leggett & Platt has a twelve month low of $11.02 and a twelve month high of $33.06.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The company 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 3.44% and a positive return on equity of 11.31%. Leggett & Platt’s revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 EPS. On average, equities analysts expect that Leggett & Platt will post 1.14 EPS for the current 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 issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s dividend payout ratio is currently -158.62%.

Insider Activity at Leggett & Platt

In related news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the stock in a transaction on Thursday, May 2nd. The shares were bought at an average price of $13.39 per share, with a total value of $133,900.00. Following the completion of the purchase, the executive vice president now owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.92% of the company’s stock.

Hedge Funds Weigh In On Leggett & Platt

Several institutional investors and hedge funds have recently bought and sold shares of the company. TFO Wealth Partners LLC raised its position in shares of Leggett & Platt by 10,833.3% during the 4th quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock valued at $157,000 after buying an additional 650 shares during the period. Ramirez Asset Management Inc. purchased a new stake in Leggett & Platt in the 3rd quarter valued at about $25,000. Fifth Third Bancorp lifted its position in 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 buying an additional 722 shares during the last quarter. GAMMA Investing LLC purchased a new position in Leggett & Platt during the fourth quarter worth about $40,000. Finally, ORG Partners LLC acquired a new stake in shares of Leggett & Platt during the fourth quarter valued at about $49,000. 64.23% of the stock is currently owned by institutional investors and hedge funds.

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.