Leggett & Platt (NYSE:LEG) Trading 4.7% Higher

Shares of Leggett & Platt, Incorporated (NYSE:LEG) traded up 4.7% on Friday . The company traded as high as $11.25 and last traded at $11.18. 546,659 shares changed hands during trading, a decline of 80% from the average session volume of 2,702,968 shares. The stock had previously closed at $10.68.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Truist Financial dropped their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday. Piper Sandler lowered their target price on Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. The Goldman Sachs Group lowered their target price on Leggett & Platt from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. TheStreet lowered Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Finally, StockNews.com lowered Leggett & Platt from a “hold” rating to a “sell” rating in a report on Wednesday, June 19th. Two research 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.com, the stock presently has a consensus rating of “Hold” and an average price target of $12.67.

Leggett & Platt Trading Up 7.3 %

The company has a quick ratio of 0.89, a current ratio of 1.57 and a debt-to-equity ratio of 1.37. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -9.68 and a beta of 1.10. The business has a 50 day moving average of $12.90 and a 200 day moving average of $18.85.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates 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 negative net margin of 3.44% and a positive return on equity of 11.31%. The firm’s revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 EPS. On average, research analysts forecast that Leggett & Platt, Incorporated will post 1.13 earnings per share 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. Investors of record on Friday, June 14th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, June 14th. Leggett & Platt’s payout ratio is currently -17.24%.

Insider Activity at Leggett & Platt

In other Leggett & Platt news, CEO Karl G. Glassman bought 23,800 shares of Leggett & Platt stock in a transaction that occurred on Friday, May 31st. The shares were purchased at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the completion of the transaction, the chief executive officer now owns 1,151,891 shares of the company’s stock, valued at approximately $13,223,708.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Leggett & Platt news, CEO Karl G. Glassman bought 23,800 shares of Leggett & Platt stock in a transaction that occurred on Friday, May 31st. The shares were purchased at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the completion of the transaction, the chief executive officer now owns 1,151,891 shares of the company’s stock, valued at approximately $13,223,708.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Benjamin Michael Burns bought 3,850 shares of Leggett & Platt stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average price of $12.20 per share, for a total transaction of $46,970.00. Following the completion of the transaction, the chief financial officer now directly owns 81,362 shares of the company’s stock, valued at approximately $992,616.40. The disclosure for this purchase can be found here. Insiders have purchased a total of 65,635 shares of company stock valued at $773,447 over the last quarter. Insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Leggett & Platt

A number of large investors have recently modified their holdings of LEG. Kestra Advisory Services LLC raised its holdings in shares of Leggett & Platt by 5.9% in the 3rd quarter. Kestra Advisory Services LLC now owns 13,970 shares of the company’s stock worth $355,000 after purchasing an additional 775 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Leggett & Platt in the 3rd quarter worth about $237,000. Envestnet Asset Management Inc. raised its holdings in shares of Leggett & Platt by 16.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 401,175 shares of the company’s stock worth $10,194,000 after purchasing an additional 56,046 shares during the period. FMR LLC raised its holdings in shares of Leggett & Platt by 1.2% in the 3rd quarter. FMR LLC now owns 240,682 shares of the company’s stock worth $6,116,000 after purchasing an additional 2,911 shares during the period. Finally, Dark Forest Capital Management LP purchased a new position in shares of Leggett & Platt in the 3rd quarter worth about $229,000. 64.23% of the stock is currently 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.