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

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

LEG has been the topic of several other research reports. 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, May 1st. StockNews.com lowered shares of Leggett & Platt from a hold rating to a sell rating in a report on Monday, March 11th. TheStreet downgraded shares of Leggett & Platt from a c rating to a d+ rating in a report on Monday, March 11th. Finally, Truist Financial reduced their price target on shares of Leggett & Platt from $18.00 to $16.00 and set a hold rating on the stock in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to MarketBeat, Leggett & Platt presently has a consensus rating of Hold and a consensus price target of $13.33.

Leggett & Platt Trading Down 2.3 %

Shares of Leggett & Platt stock traded down $0.32 during trading hours on Thursday, reaching $13.63. 1,480,660 shares of the company’s stock were exchanged, compared to its average volume of 1,882,866. The business has a fifty day moving average of $18.63 and a two-hundred day moving average of $22.04. 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 1 year low of $11.02 and a 1 year high of $33.06.

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). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 9.6% compared to the same quarter last year. During the same period last year, the business earned $0.39 earnings per share. Equities research analysts predict that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Leggett & Platt Cuts Dividend

The business also recently disclosed 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. 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 dividend payout ratio is currently -158.62%.

Insider Activity at Leggett & Platt

In other news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average cost of $13.39 per share, for a total transaction of $133,900.00. Following the completion of the purchase, the executive vice president now directly owns 41,535 shares of the company’s stock, valued at $556,153.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Leggett & Platt by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 12,996,067 shares of the company’s stock worth $340,107,000 after acquiring an additional 49,086 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Leggett & Platt by 7.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,231,637 shares of the company’s stock valued at $154,888,000 after acquiring an additional 405,363 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Leggett & Platt by 12.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,373,959 shares of the company’s stock valued at $62,127,000 after acquiring an additional 262,145 shares in the last quarter. Pacer Advisors Inc. grew its holdings 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 worth $50,636,000 after purchasing an additional 786,297 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Leggett & Platt by 45.7% in the 3rd 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 during the last quarter. Hedge funds and other institutional investors 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.