StockNews.com upgraded shares of Leggett & Platt (NYSE:LEG - Free Report) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.
LEG has been the subject of a number of other reports. Truist Financial upped their price objective on Leggett & Platt from $11.00 to $13.00 and gave the stock a hold rating in a research note on Monday, August 5th. Piper Sandler lowered their price target 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. Finally, The Goldman Sachs Group cut their price objective on shares of Leggett & Platt from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company's stock. Based on data from MarketBeat, Leggett & Platt currently has a consensus rating of Hold and an average target price of $12.67.
Leggett & Platt Stock Down 1.0 %
LEG stock traded down $0.12 during trading on Wednesday, reaching $12.73. The stock had a trading volume of 1,142,253 shares, compared to its average volume of 2,488,148. The firm has a fifty day moving average price of $12.19 and a 200 day moving average price of $14.94. The company has a current ratio of 1.57, a quick ratio of 0.89 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $1.71 billion, a P/E ratio of -10.97 and a beta of 1.08. Leggett & Platt has a 1-year low of $10.11 and a 1-year high of $28.53.
Leggett & Platt (NYSE:LEG - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, meeting analysts' consensus estimates of $0.29. Leggett & Platt had a positive return on equity of 10.98% and a negative net margin of 18.05%. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. On average, equities analysts anticipate that Leggett & Platt will post 1.11 earnings per share for the current year.
Leggett & Platt Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, September 13th. Leggett & Platt's dividend payout ratio is currently -17.24%.
Insider Activity at Leggett & Platt
In other news, EVP Ryan Michael Kleiboeker acquired 10,000 shares of the company's stock in a transaction dated Thursday, May 30th. The shares were bought at an average price of $10.95 per share, with a total value of $109,500.00. Following the purchase, the executive vice president now owns 52,110 shares of the company's stock, valued at $570,604.50. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Benjamin Michael Burns bought 3,850 shares of the firm's stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average cost of $12.20 per share, for a total transaction of $46,970.00. Following the acquisition, the chief financial officer now directly owns 81,362 shares of the company's stock, valued at approximately $992,616.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ryan Michael Kleiboeker bought 10,000 shares of Leggett & Platt stock in a transaction dated Thursday, May 30th. The shares were bought at an average cost of $10.95 per share, with a total value of $109,500.00. Following the completion of the acquisition, the executive vice president now owns 52,110 shares of the company's stock, valued at $570,604.50. The disclosure for this purchase can be found here. Insiders have purchased 49,635 shares of company stock worth $575,107 over the last quarter. 1.57% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Leggett & Platt
Several hedge funds have recently made changes to their positions in the company. CVA Family Office LLC acquired a new position in shares of Leggett & Platt in the 2nd quarter valued at about $36,000. Abich Financial Wealth Management LLC lifted its position in 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 buying an additional 931 shares in the last quarter. Fifth Third Bancorp lifted its position in Leggett & Platt by 367.8% in the 2nd quarter. Fifth Third Bancorp now owns 3,396 shares of the company's stock worth $39,000 after buying an additional 2,670 shares in the last quarter. GAMMA Investing LLC acquired a new stake in shares of Leggett & Platt during the 4th quarter valued at $40,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Leggett & Platt by 343.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,371 shares of the company's stock valued at $50,000 after acquiring an additional 3,386 shares in the last quarter. Hedge funds and other institutional investors own 64.23% of the company's stock.
Leggett & Platt Company Profile
(Get Free Report)
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.
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