Leggett & Platt (NYSE:LEG) Rating Increased to Hold at StockNews.com

Leggett & Platt (NYSE:LEG) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

Several other research analysts also recently issued reports on LEG. The Goldman Sachs Group dropped their price objective on shares of Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. TheStreet cut Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Truist Financial decreased their price objective on Leggett & Platt from $16.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, May 3rd. Finally, Piper Sandler lowered their price objective 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. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $13.33.

Leggett & Platt Stock Performance

Shares of LEG opened at $13.03 on Tuesday. The company has a market capitalization of $1.74 billion, a PE ratio of -11.23 and a beta of 1.19. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89. Leggett & Platt has a one year low of $11.02 and a one year high of $33.06. The company’s fifty day moving average price is $18.19 and its 200 day moving average price is $21.83.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. Leggett & Platt had a positive return on equity of 11.31% and a negative net margin of 3.44%. Leggett & Platt’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 EPS. As a group, analysts expect that Leggett & Platt will post 1.14 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the stock in a transaction dated Thursday, May 2nd. The shares were acquired 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 in the company, valued at $556,153.65. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Leggett & Platt by 0.9% in the third quarter. Vanguard Group Inc. now owns 12,946,981 shares of the company’s stock worth $328,983,000 after purchasing an additional 117,499 shares in the last quarter. South Dakota Investment Council lifted its position in Leggett & Platt by 52.9% during the 4th quarter. South Dakota Investment Council now owns 145,846 shares of the company’s stock worth $3,817,000 after buying an additional 50,438 shares in the last quarter. Fifth Third Bancorp lifted its position 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 purchasing an additional 722 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Leggett & Platt by 68.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock valued at $50,636,000 after purchasing an additional 786,297 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Leggett & Platt by 45.7% in the third quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock valued at $43,186,000 after purchasing an additional 532,780 shares in the last quarter. 64.23% of the stock is owned by institutional investors and hedge funds.

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.