Leggett & Platt (NYSE:LEG) Raised to “Buy” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Leggett & Platt (NYSE:LEG) from a neutral rating to a buy rating in a research note released on Thursday morning, AR Network reports. They currently have $52.00 price target on the stock, up from their previous price target of $46.00.

LEG has been the subject of several other research reports. Piper Sandler boosted their price objective on Leggett & Platt from $39.00 to $42.00 and gave the stock a neutral rating in a research report on Wednesday, November 4th. TheStreet raised Leggett & Platt from a c rating to a b rating in a research report on Monday, November 2nd. Raymond James boosted their price objective on Leggett & Platt from $45.00 to $48.00 and gave the stock a strong-buy rating in a research report on Wednesday, November 4th. Finally, Zacks Investment Research raised Leggett & Platt from a hold rating to a buy rating and set a $46.00 price objective for the company in a research report on Tuesday, October 6th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Leggett & Platt currently has an average rating of Buy and a consensus target price of $42.43.

Shares of NYSE:LEG opened at $43.46 on Thursday. Leggett & Platt has a fifty-two week low of $22.03 and a fifty-two week high of $53.24. The business has a 50-day moving average of $43.02 and a two-hundred day moving average of $38.27. The stock has a market capitalization of $5.76 billion, a P/E ratio of 25.56, a P/E/G ratio of 2.01 and a beta of 1.54. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.60 and a quick ratio of 1.08.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings results on Monday, November 2nd. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.09. Leggett & Platt had a return on equity of 21.93% and a net margin of 5.45%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the firm earned $0.76 earnings per share. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, research analysts expect that Leggett & Platt will post 2.07 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Tuesday, December 15th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 14th. This represents a $1.60 annualized dividend and a yield of 3.68%. Leggett & Platt’s dividend payout ratio is 62.26%.

Hedge funds have recently added to or reduced their stakes in the company. Jeppson Wealth Management LLC bought a new position in Leggett & Platt during the 3rd quarter worth about $29,000. IFP Advisors Inc grew its holdings in shares of Leggett & Platt by 53.5% in the 2nd quarter. IFP Advisors Inc now owns 950 shares of the company’s stock valued at $33,000 after acquiring an additional 331 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Leggett & Platt by 48.8% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,113 shares of the company’s stock valued at $39,000 after acquiring an additional 365 shares in the last quarter. Captrust Financial Advisors bought a new position in shares of Leggett & Platt in the 2nd quarter valued at about $39,000. Finally, Bessemer Group Inc. grew its holdings in shares of Leggett & Platt by 507.1% in the 2nd quarter. Bessemer Group Inc. now owns 1,190 shares of the company’s stock valued at $42,000 after acquiring an additional 994 shares in the last quarter. Institutional investors own 70.76% of the company’s stock.

About Leggett & Platt

Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through three segments: Bedding Products; Furniture, Flooring & Textile Products; and Specialized Products. The company offers innersprings, wire forms, specialty foams, and machines to shape wire into various types of innersprings; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions and hard surface flooring underlayment, and geo components to manufacturers of finished bedding, upholstered furniture, packaging, filtration, and draperies; flooring retailers and distributors of carpet cushions; and contractors, landscapers, road construction companies, and government agencies using geo components.

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Analyst Recommendations for Leggett & Platt (NYSE:LEG)

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