Leggett & Platt (NYSE:LEG) Raised to Buy at Wall Street Zen

Leggett & Platt (NYSE:LEG) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other brokerages have also recently weighed in on LEG. Piper Sandler boosted their price target on shares of Leggett & Platt from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Zacks Research cut Leggett & Platt from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Truist Financial upped their target price on Leggett & Platt from $10.00 to $12.00 and gave the company a “hold” rating in a research report on Wednesday, October 29th. The Goldman Sachs Group restated a “neutral” rating and set a $11.00 price target on shares of Leggett & Platt in a research note on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Leggett & Platt in a research note on Monday, December 29th. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $11.67.

Leggett & Platt Stock Performance

Shares of Leggett & Platt stock opened at $12.89 on Friday. The company has a quick ratio of 1.35, a current ratio of 2.15 and a debt-to-equity ratio of 1.54. Leggett & Platt has a 52 week low of $6.47 and a 52 week high of $13.00. The firm’s 50 day moving average is $11.72 and its two-hundred day moving average is $10.12. The firm has a market capitalization of $1.75 billion, a P/E ratio of 8.01 and a beta of 0.72.

Institutional Investors Weigh In On Leggett & Platt

Several hedge funds have recently modified their holdings of LEG. Marshall Wace LLP boosted its holdings in Leggett & Platt by 35.8% in the 2nd quarter. Marshall Wace LLP now owns 3,380,980 shares of the company’s stock valued at $30,158,000 after purchasing an additional 890,577 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of Leggett & Platt in the 2nd quarter valued at approximately $2,137,000. Prudential Financial Inc. lifted its holdings in shares of Leggett & Platt by 202.7% in the 2nd quarter. Prudential Financial Inc. now owns 402,232 shares of the company’s stock valued at $3,588,000 after buying an additional 269,347 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of Leggett & Platt in the third quarter valued at approximately $1,093,000. Finally, Norges Bank acquired a new position in Leggett & Platt during the second quarter worth $10,706,000. 64.23% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.