Piper Sandler Cuts Leggett & Platt (NYSE:LEG) Price Target to $13.00

Leggett & Platt (NYSE:LEG) had its target price reduced by Piper Sandler from $16.00 to $13.00 in a report published on Wednesday morning, Benzinga reports. They currently have an underweight rating on the stock.

A number of other analysts also recently commented on the company. StockNews.com downgraded Leggett & Platt from a hold rating to a sell rating in a research report on Monday, March 11th. Truist Financial decreased their target price 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 research report on Monday, March 11th. Two equities 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 currently has a consensus rating of Hold and an average target price of $13.33.

Leggett & Platt Price Performance

Leggett & Platt stock opened at $13.95 on Wednesday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.84 and a current ratio of 1.57. Leggett & Platt has a 1-year low of $11.02 and a 1-year high of $33.11. The stock’s 50 day moving average price is $18.63 and its 200 day moving average price is $22.08.

Leggett & Platt (NYSE:LEG) last posted its quarterly 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 business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was down 9.6% compared to the same quarter last year. Equities analysts anticipate that Leggett & Platt will post 1.15 EPS for the current year.

Leggett & Platt Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.43%. Leggett & Platt’s payout ratio is -158.62%.

Insider Transactions at Leggett & Platt

In related news, EVP Ryan Michael Kleiboeker purchased 10,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was bought at an average cost of $13.39 per share, with a total value of $133,900.00. Following the completion of the acquisition, the executive vice president now directly owns 41,535 shares in the company, valued at approximately $556,153.65. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors have recently made changes to their positions in the stock. Ramirez Asset Management Inc. acquired a new position in shares of Leggett & Platt in the third quarter worth $25,000. Fifth Third Bancorp increased its stake in Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after purchasing an additional 722 shares during the last quarter. GAMMA Investing LLC acquired a new position in Leggett & Platt in the fourth quarter valued at $40,000. Hexagon Capital Partners LLC increased its stake in Leggett & Platt by 67.5% in the third quarter. Hexagon Capital Partners LLC now owns 1,930 shares of the company’s stock valued at $49,000 after purchasing an additional 778 shares during the last quarter. Finally, ORG Partners LLC acquired a new position in Leggett & Platt in the fourth quarter valued at $49,000. 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.