Leggett & Platt (NYSE:LEG) Price Target Cut to $11.00 by Analysts at Truist Financial

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

Several other research analysts also recently commented on LEG. TheStreet downgraded shares of Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Piper Sandler cut their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, May 1st. StockNews.com downgraded shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday, June 19th. Finally, The Goldman Sachs Group cut their price target on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $12.67.

Leggett & Platt Stock Up 7.3 %

Leggett & Platt stock opened at $11.46 on Thursday. Leggett & Platt has a 1-year low of $10.11 and a 1-year high of $31.14. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of -9.88 and a beta of 1.10. 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 50 day simple moving average of $12.77 and a 200 day simple moving average of $18.74.

Leggett & Platt (NYSE:LEG) last announced its quarterly 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). 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 the consensus estimate of $1.11 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, analysts predict that Leggett & Platt will post 1.13 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Mark A. Blinn bought 6,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average cost of $10.74 per share, for a total transaction of $64,440.00. Following the completion of the transaction, the director now owns 32,302 shares of the company’s stock, valued at $346,923.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Leggett & Platt news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was acquired at an average cost of $13.39 per share, for a total transaction 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 approximately $556,153.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mark A. Blinn purchased 6,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were acquired 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 owns 32,302 shares of the company’s stock, valued at $346,923.48. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 65,635 shares of company stock worth $773,447. Corporate insiders own 1.57% of the company’s stock.

Institutional Trading of Leggett & Platt

Several institutional investors have recently added to or reduced their stakes in the business. Insight Folios Inc boosted its position in Leggett & Platt by 5.2% during the fourth quarter. Insight Folios Inc now owns 9,374 shares of the company’s stock valued at $245,000 after buying an additional 460 shares during the period. Federated Hermes Inc. raised its stake in shares of Leggett & Platt by 2.8% during the third quarter. Federated Hermes Inc. now owns 18,641 shares of the company’s stock valued at $474,000 after acquiring an additional 499 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Leggett & Platt by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 58,754 shares of the company’s stock valued at $1,538,000 after acquiring an additional 570 shares during the last quarter. GPS Wealth Strategies Group LLC raised its stake in shares of Leggett & Platt by 15.1% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 4,624 shares of the company’s stock valued at $121,000 after acquiring an additional 605 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its stake in shares of Leggett & Platt by 18.5% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 3,888 shares of the company’s stock valued at $99,000 after acquiring an additional 606 shares during the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

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.