Leggett & Platt (NYSE:LEG) PT Lowered to $12.00

Leggett & Platt (NYSE:LEG) had its price target cut by stock analysts at The Goldman Sachs Group from $14.00 to $12.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential downside of 1.15% from the company’s current price.

Other analysts also recently issued reports about the company. Truist Financial decreased their price target on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, June 27th. Piper Sandler lowered their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. Finally, StockNews.com lowered Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Saturday, July 6th. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.00.

Leggett & Platt Stock Up 7.9 %

Shares of NYSE:LEG opened at $12.14 on Wednesday. The firm has a market cap of $1.63 billion, a P/E ratio of -10.47 and a beta of 1.08. Leggett & Platt has a 12-month low of $10.11 and a 12-month high of $31.14. The business has a fifty day simple moving average of $11.71 and a 200 day simple moving average of $17.78. The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37.

Leggett & Platt (NYSE:LEG) last announced 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). The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 11.31%. The business’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.39 earnings per share. Analysts predict that Leggett & Platt will post 1.13 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Benjamin Michael Burns bought 3,850 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average price of $12.20 per share, with a total value of $46,970.00. Following the completion of the transaction, the chief financial officer now directly owns 81,362 shares in the company, valued at $992,616.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Benjamin Michael Burns bought 3,850 shares of the stock in a transaction dated Thursday, June 6th. The stock was bought at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the acquisition, the chief financial officer now directly owns 81,362 shares in the company, valued at approximately $992,616.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average price of $13.39 per share, for a total transaction of $133,900.00. Following the completion of the acquisition, the executive vice president now owns 41,535 shares of the company’s stock, valued at approximately $556,153.65. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 65,635 shares of company stock valued at $773,447. Corporate insiders own 1.92% of the company’s stock.

Institutional Trading of Leggett & Platt

A number of hedge funds have recently bought and sold shares of LEG. Fifth Third Bancorp raised its stake in shares of Leggett & Platt by 253.3% during 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 period. CVA Family Office LLC purchased a new position in Leggett & Platt in the second quarter valued at about $36,000. Abich Financial Wealth Management LLC grew its position in shares of Leggett & Platt by 93.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock valued at $37,000 after acquiring an additional 931 shares during the period. GAMMA Investing LLC bought a new stake in shares of Leggett & Platt in the 4th quarter worth approximately $40,000. Finally, ORG Partners LLC bought a new stake in shares of Leggett & Platt in the 4th quarter worth approximately $49,000. 64.23% of the stock is currently owned by 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.