Leggett & Platt (NYSE:LEG) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Leggett & Platt (NYSE:LEG) from an underweight rating to a neutral rating in a research note released on Wednesday, MarketBeat.com reports. They currently have $13.00 price objective on the stock, up from their previous price objective of $11.00.

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

Leggett & Platt Stock Performance

Shares of LEG stock opened at $12.02 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 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 2.13. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -2.00 and a beta of 1.07. The stock’s fifty day simple moving average is $12.79 and its 200-day simple moving average is $12.82.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, sell-side analysts predict that Leggett & Platt will post 1.04 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were given a dividend of $0.05 per share. The ex-dividend date was Friday, September 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.66%. Leggett & Platt’s dividend payout ratio is presently -3.33%.

Hedge Funds Weigh In On Leggett & Platt

Large investors have recently made changes to their positions in the business. State of Michigan Retirement System increased its stake in Leggett & Platt by 2.5% during the first quarter. State of Michigan Retirement System now owns 32,748 shares of the company’s stock valued at $627,000 after acquiring an additional 800 shares during the period. Insight Folios Inc increased its stake in Leggett & Platt by 14.1% during the first quarter. Insight Folios Inc now owns 10,693 shares of the company’s stock valued at $205,000 after acquiring an additional 1,319 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Leggett & Platt by 155.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,716 shares of the company’s stock valued at $933,000 after acquiring an additional 29,677 shares during the period. BNP Paribas Financial Markets increased its stake in Leggett & Platt by 66.8% during the first quarter. BNP Paribas Financial Markets now owns 70,271 shares of the company’s stock valued at $1,346,000 after acquiring an additional 28,149 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in Leggett & Platt by 88.0% during the first quarter. Daiwa Securities Group Inc. now owns 17,416 shares of the company’s stock valued at $334,000 after acquiring an additional 8,153 shares during the period. Institutional investors and hedge funds own 64.23% of the company’s stock.

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.