Leggett & Platt (NYSE:LEG) Price Target Cut to $11.00

Leggett & Platt (NYSE:LEG) had its target price decreased by analysts at Truist Financial from $13.00 to $11.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target would suggest a potential downside of 4.01% from the company’s current price.

Other analysts also recently issued research reports about the company. TheStreet downgraded Leggett & Platt from a “c” rating to a “d+” rating in a research note on Monday, March 11th. StockNews.com downgraded Leggett & Platt from a “hold” rating to a “sell” rating in a research note on Wednesday, June 19th. Piper Sandler lowered their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Finally, The Goldman Sachs Group lowered their target price on 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 equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.67.

Leggett & Platt Stock Performance

LEG stock opened at $11.46 on Thursday. The business’s 50-day moving average price is $12.77 and its two-hundred day moving average price is $18.74. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. The firm has a market cap of $1.54 billion, a PE ratio of -9.88 and a beta of 1.10. Leggett & Platt has a 1-year low of $10.11 and a 1-year high of $31.14.

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 the consensus estimate 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 firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business earned $0.39 EPS. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, research analysts forecast that Leggett & Platt will post 1.13 earnings per share for the current year.

Insiders Place Their Bets

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the stock in a transaction on Thursday, May 2nd. The shares were purchased at an average price of $13.39 per share, with a total value of $133,900.00. Following the completion of the transaction, the executive vice president now directly owns 41,535 shares in the company, valued at $556,153.65. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Leggett & Platt news, Director Mark A. Blinn purchased 6,000 shares of the stock in a transaction on Thursday, May 23rd. The shares were purchased at an average price of $10.74 per share, with a total value of $64,440.00. Following the completion of the transaction, the director now directly owns 32,302 shares in the company, valued at $346,923.48. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ryan Michael Kleiboeker acquired 10,000 shares of Leggett & Platt stock in a transaction dated Thursday, May 2nd. The shares were purchased at an average price of $13.39 per share, with a total value 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 disclosure for this purchase can be found here. Insiders have acquired a total of 65,635 shares of company stock valued at $773,447 over the last 90 days. 1.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Leggett & Platt

Institutional investors have recently made changes to their positions in the company. TFO Wealth Partners LLC boosted its holdings in shares of Leggett & Platt by 10,833.3% during the fourth quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock worth $157,000 after acquiring an additional 650 shares during the period. Ramirez Asset Management Inc. bought a new stake in shares of Leggett & Platt during the third quarter worth approximately $25,000. Fifth Third Bancorp boosted its holdings in shares of Leggett & Platt by 253.3% during the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after acquiring an additional 722 shares during the period. GAMMA Investing LLC bought a new stake in shares of Leggett & Platt during the fourth quarter worth approximately $40,000. Finally, ORG Partners LLC bought a new stake in shares of Leggett & Platt during the fourth quarter worth approximately $49,000. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Company Profile

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.