Leggett & Platt (NYSE:LEG) Upgraded at StockNews.com

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

Other research analysts have also issued research reports about the company. 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 report on Wednesday, May 1st. TheStreet cut Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. Truist Financial lowered their price target on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday. Finally, The Goldman Sachs Group cut 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 report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, Leggett & Platt currently has a consensus rating of “Hold” and a consensus target price of $13.33.

Leggett & Platt Stock Down 3.4 %

Shares of LEG stock traded down $0.47 during mid-day trading on Tuesday, reaching $13.18. 2,765,163 shares of the company’s stock traded hands, compared to its average volume of 1,910,759. 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 company’s 50-day moving average price is $18.35 and its 200-day moving average price is $21.89. The company has a market cap of $1.76 billion, a P/E ratio of -11.36 and a beta of 1.19. Leggett & Platt has a 12 month low of $11.02 and a 12 month high of $33.06.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the company posted $0.39 EPS. Leggett & Platt’s revenue for the quarter was down 9.6% compared to the same quarter last year. On average, equities analysts expect that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Insider Transactions at Leggett & Platt

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of Leggett & Platt stock in a transaction that occurred on Thursday, May 2nd. The stock was bought 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Leggett & Platt

Hedge funds have recently added to or reduced their stakes in the stock. Ramirez Asset Management Inc. bought a new position in Leggett & Platt in the third quarter valued at about $25,000. Fifth Third Bancorp boosted 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 worth $26,000 after buying an additional 722 shares during the last quarter. GAMMA Investing LLC bought a new position in Leggett & Platt in the fourth quarter worth approximately $40,000. ORG Partners LLC purchased a new position in shares of Leggett & Platt during the 4th quarter worth $49,000. Finally, Quadrant Capital Group LLC grew its position in shares of Leggett & Platt by 56.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,130 shares of the company’s stock valued at $56,000 after acquiring an additional 766 shares during the period. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

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.