Leggett & Platt (NYSE:LEG) Price Target Lowered to $12.00 at The Goldman Sachs Group

Leggett & Platt (NYSE:LEG) had its price objective cut by The Goldman Sachs Group from $14.00 to $12.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Piper Sandler upgraded Leggett & Platt from an “underweight” rating to a “neutral” rating and raised their price target for the company from $11.00 to $13.00 in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.67.

Leggett & Platt Trading Up 1.5 %

NYSE LEG opened at $10.33 on Tuesday. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -1.72 and a beta of 1.11. Leggett & Platt has a 12 month low of $9.18 and a 12 month high of $25.29. The firm’s fifty day moving average price is $11.06 and its 200 day moving average price is $12.03. The company has a debt-to-equity ratio of 2.13, a current ratio of 1.48 and a quick ratio of 0.84.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.10 billion. Leggett & Platt had a positive return on equity of 14.99% and a negative net margin of 18.53%. Leggett & Platt’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share. On average, sell-side analysts expect that Leggett & Platt will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.94%. Leggett & Platt’s dividend payout ratio (DPR) is presently -3.33%.

Institutional Trading of Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. boosted its stake in Leggett & Platt by 426.2% in the second quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company’s stock valued at $160,923,000 after acquiring an additional 11,373,507 shares during the period. AQR Capital Management LLC boosted its position in Leggett & Platt by 1,098.0% during the 2nd quarter. AQR Capital Management LLC now owns 2,005,408 shares of the company’s stock valued at $22,160,000 after purchasing an additional 1,838,009 shares during the period. Wellington Management Group LLP acquired a new position in Leggett & Platt during the 3rd quarter valued at approximately $15,735,000. Invenomic Capital Management LP grew its stake in Leggett & Platt by 384.1% during the 3rd quarter. Invenomic Capital Management LP now owns 921,472 shares of the company’s stock worth $12,550,000 after buying an additional 731,132 shares during the last quarter. Finally, FMR LLC increased its position in Leggett & Platt by 3,264.5% in the third quarter. FMR LLC now owns 692,884 shares of the company’s stock worth $9,437,000 after buying an additional 672,290 shares during the period. 64.23% of the stock is owned by institutional investors.

About Leggett & Platt

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.