The Goldman Sachs Group Cuts Leggett & Platt (NYSE:LEG) Price Target to $14.00

Leggett & Platt (NYSE:LEG) had its target price reduced by The Goldman Sachs Group from $20.00 to $14.00 in a research note released on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts also recently issued reports on the company. Piper Sandler reduced their price target on Leggett & Platt from $16.00 to $13.00 and set an underweight rating on the stock in a report on Wednesday. StockNews.com cut Leggett & Platt from a hold rating to a sell rating in a research note on Monday, March 11th. Truist Financial dropped their price target on Leggett & Platt from $18.00 to $16.00 and set a hold rating on the stock in a research report on Tuesday, March 26th. Finally, TheStreet downgraded Leggett & Platt from a c rating to a d+ rating in a report on Monday, March 11th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to data from MarketBeat.com, Leggett & Platt has a consensus rating of Hold and an average price target of $13.33.

Leggett & Platt Trading Up 2.9 %

NYSE LEG opened at $13.95 on Thursday. Leggett & Platt has a 1-year low of $11.02 and a 1-year high of $33.11. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.84. The stock has a 50-day moving average of $18.63 and a 200-day moving average of $22.06.

Leggett & Platt (NYSE:LEG) last released its earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the firm posted $0.39 EPS. The company’s revenue was down 9.6% on a year-over-year basis. Research analysts expect that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s dividend payout ratio (DPR) is presently -158.62%.

Insider Activity at Leggett & Platt

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were bought at an average price of $13.39 per share, with a total value of $133,900.00. Following the completion of the purchase, the executive vice president now directly owns 41,535 shares in the company, valued at $556,153.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.57% of the stock is owned by insiders.

Institutional Trading of Leggett & Platt

Several hedge funds have recently modified their holdings of the company. TFO Wealth Partners LLC raised its position in shares of Leggett & Platt by 10,833.3% in the 4th quarter. TFO Wealth Partners LLC now owns 656 shares of the company’s stock valued at $157,000 after purchasing an additional 650 shares during the last quarter. Ramirez Asset Management Inc. purchased a new position in Leggett & Platt during the 3rd quarter worth approximately $25,000. Fifth Third Bancorp raised its position in Leggett & Platt by 253.3% during the 4th quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock worth $26,000 after buying an additional 722 shares during the last quarter. GAMMA Investing LLC purchased a new position in Leggett & Platt during the 4th quarter worth approximately $40,000. Finally, ORG Partners LLC purchased a new position in Leggett & Platt during the 4th quarter worth approximately $49,000. 64.23% of the stock is 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.