Leggett & Platt (NYSE:LEG) Rating Increased to Neutral at Piper Sandler

Piper Sandler upgraded shares of Leggett & Platt (NYSE:LEG) from an underweight rating to a neutral rating in a research note published on Wednesday morning, MarketBeat reports. The brokerage currently has $13.00 target price on the stock, up from their previous target price of $11.00.

Several other research firms have also recently issued reports on LEG. The Goldman Sachs Group decreased their price target on Leggett & Platt from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Truist Financial raised their target price on shares of Leggett & Platt from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Finally, StockNews.com raised shares of Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, August 28th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $12.67.

Leggett & Platt Trading Down 4.1 %

Shares of NYSE LEG opened at $12.15 on Wednesday. Leggett & Platt has a 1-year low of $10.11 and a 1-year high of $27.58. The company has a current ratio of 1.53, a quick ratio of 0.88 and a debt-to-equity ratio of 2.55. The company has a 50-day moving average of $12.80 and a two-hundred day moving average of $12.83. The company has a market cap of $1.63 billion, a PE ratio of -10.91 and a beta of 1.07.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.10 billion. Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. As a group, equities analysts expect that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Friday, September 13th. Leggett & Platt’s dividend payout ratio (DPR) is currently -17.24%.

Institutional Trading of Leggett & Platt

A number of institutional investors and hedge funds have recently modified their holdings of LEG. Janney Montgomery Scott LLC boosted its stake in Leggett & Platt by 5.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 87,882 shares of the company’s stock worth $1,197,000 after acquiring an additional 4,442 shares during the last quarter. First Trust Direct Indexing L.P. acquired a new stake in Leggett & Platt in the third quarter worth $273,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Leggett & Platt by 148.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 39,227 shares of the company’s stock worth $534,000 after purchasing an additional 23,438 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Leggett & Platt by 9.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,730 shares of the company’s stock valued at $1,154,000 after buying an additional 6,955 shares during the period. Finally, Ballentine Partners LLC acquired a new position in shares of Leggett & Platt in the 3rd quarter valued at $251,000. 64.23% of the stock is 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.