Leggett & Platt (NYSE:LEG) PT Lowered to $13.00 at Truist Financial

Leggett & Platt (NYSE:LEG) had its price objective decreased by Truist Financial from $16.00 to $13.00 in a report published on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other research firms also recently commented on LEG. TheStreet downgraded shares of Leggett & Platt from a c rating to a d+ rating in a research note on Monday, March 11th. Piper Sandler dropped their price objective on 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 Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. Finally, The Goldman Sachs Group dropped their price target on Leggett & Platt from $20.00 to $14.00 and set a neutral rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $13.33.

Leggett & Platt Trading Down 2.4 %

Shares of LEG traded down $0.34 during trading hours on Friday, hitting $13.61. The company had a trading volume of 2,309,941 shares, compared to its average volume of 1,891,598. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.57 and a quick ratio of 0.89. The business has a fifty day moving average of $18.63 and a 200-day moving average of $22.04. Leggett & Platt has a 12 month low of $11.02 and a 12 month high of $33.06.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). The company 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%. The company’s revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the business earned $0.39 earnings per share. As a group, analysts predict that Leggett & Platt will post 1.14 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a $0.05 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.20 annualized dividend and a dividend yield of 1.47%. Leggett & Platt’s payout ratio is -158.62%.

Insider Buying and Selling

In other Leggett & Platt news, EVP Ryan Michael Kleiboeker bought 10,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were purchased at an average price 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 document filed with the SEC, which is available at the SEC website. 1.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LEG. Norges Bank acquired a new position in Leggett & Platt in the 4th quarter worth about $26,814,000. Pacer Advisors Inc. grew its holdings in Leggett & Platt by 68.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,934,905 shares of the company’s stock worth $50,636,000 after acquiring an additional 786,297 shares during the last quarter. Qube Research & Technologies Ltd increased its position in Leggett & Platt by 329.6% in the 3rd quarter. Qube Research & Technologies Ltd now owns 834,221 shares of the company’s stock valued at $21,198,000 after acquiring an additional 640,015 shares during the period. Invesco Ltd. raised its stake in shares of Leggett & Platt by 45.7% during the third quarter. Invesco Ltd. now owns 1,699,580 shares of the company’s stock valued at $43,186,000 after acquiring an additional 532,780 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Leggett & Platt by 675.3% during the third quarter. Hsbc Holdings PLC now owns 477,194 shares of the company’s stock worth $12,121,000 after purchasing an additional 415,641 shares during the period. 64.23% of the stock is currently 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.