Leggett & Platt (NYSE:LEG) Downgraded by StockNews.com

StockNews.com downgraded shares of Leggett & Platt (NYSE:LEG) from a hold rating to a sell rating in a research note released on Saturday.

A number of other equities analysts have also recently weighed in on the stock. Piper Sandler lowered their price objective on shares of Leggett & Platt from $16.00 to $13.00 and set an underweight rating for the company in a research report on Wednesday, May 1st. Truist Financial lowered their price objective on Leggett & Platt from $13.00 to $11.00 and set a hold rating for the company in a research report on Thursday, June 27th. The Goldman Sachs Group cut their price target on shares of Leggett & Platt from $20.00 to $14.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Finally, TheStreet cut Leggett & Platt from a c rating to a d+ rating in a research note on Monday, March 11th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat, Leggett & Platt has an average rating of Hold and an average target price of $12.67.

Leggett & Platt Stock Up 0.9 %

Shares of NYSE LEG opened at $10.99 on Friday. The stock has a market cap of $1.47 billion, a PE ratio of -9.47 and a beta of 1.08. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. Leggett & Platt has a 12-month low of $10.11 and a 12-month high of $31.14. The company has a 50-day moving average of $11.92 and a 200 day moving average of $17.98.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data 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 positive return on equity of 11.31% and a negative net margin of 3.44%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the firm posted $0.39 EPS. The business’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, sell-side analysts predict that Leggett & Platt will post 1.13 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. Investors of record on Friday, June 14th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Friday, June 14th. Leggett & Platt’s dividend payout ratio is presently -17.24%.

Insider Activity at Leggett & Platt

In related news, CEO Karl G. Glassman acquired 23,800 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were acquired at an average cost of $11.48 per share, for a total transaction of $273,224.00. Following the acquisition, the chief executive officer now directly owns 1,151,891 shares in the company, valued at approximately $13,223,708.68. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Karl G. Glassman bought 23,800 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average price of $11.48 per share, for a total transaction of $273,224.00. Following the acquisition, the chief executive officer now owns 1,151,891 shares of the company’s stock, valued at $13,223,708.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Benjamin Michael Burns bought 3,850 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the purchase, the chief financial officer now owns 81,362 shares in the company, valued at approximately $992,616.40. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 65,635 shares of company stock valued at $773,447. Company insiders own 1.92% of the company’s stock.

Institutional Trading of Leggett & Platt

Large investors have recently modified their holdings of the business. Ramirez Asset Management Inc. acquired a new stake in Leggett & Platt during the third quarter valued at approximately $25,000. Fifth Third Bancorp raised its stake in shares of Leggett & Platt by 253.3% during 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 in the last quarter. Abich Financial Wealth Management LLC lifted its stake in shares of Leggett & Platt by 93.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,930 shares of the company’s stock worth $37,000 after acquiring an additional 931 shares during the period. GAMMA Investing LLC acquired a new stake in Leggett & Platt in the fourth quarter worth approximately $40,000. Finally, ORG Partners LLC bought a new position in Leggett & Platt during the fourth quarter valued at about $49,000. 64.23% of the stock is currently 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.