Piper Sandler Cuts Leggett & Platt (NYSE:LEG) Price Target to $13.00

Leggett & Platt (NYSE:LEG) had its price target cut by Piper Sandler from $16.00 to $13.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an underweight rating on the stock.

Other equities research analysts also recently issued research reports about the company. TheStreet downgraded Leggett & Platt from a c rating to a d+ rating in a report on Monday, March 11th. Truist Financial decreased their price objective on shares of Leggett & Platt from $18.00 to $16.00 and set a hold rating for the company in a research note on Tuesday, March 26th. Finally, StockNews.com downgraded shares of Leggett & Platt from a hold rating to a sell rating in a report on Monday, March 11th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat, Leggett & Platt has an average rating of Hold and an average target price of $17.67.

Leggett & Platt Trading Down 26.6 %

NYSE LEG opened at $13.27 on Wednesday. Leggett & Platt has a 12-month low of $11.02 and a 12-month high of $33.50. The company has a fifty day simple moving average of $18.90 and a two-hundred day simple moving average of $22.21. The company has a quick ratio of 0.84, a current ratio of 1.49 and a debt-to-equity ratio of 1.26.

Leggett & Platt (NYSE:LEG) last released its earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Leggett & Platt had a negative net margin of 3.44% and a positive return on equity of 10.84%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the company earned $0.39 earnings per share. Leggett & Platt’s revenue was down 9.6% on a year-over-year basis. On average, equities research analysts expect that Leggett & Platt will post 1.17 earnings per share for the current year.

Leggett & Platt Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.51%. Leggett & Platt’s payout ratio is -158.62%.

Institutional Investors Weigh In On Leggett & Platt

Several hedge funds have recently bought and sold shares of LEG. Ramirez Asset Management Inc. acquired a new position in shares of Leggett & Platt in the 3rd quarter valued at $25,000. Fifth Third Bancorp increased its holdings in Leggett & Platt by 253.3% in the fourth quarter. Fifth Third Bancorp now owns 1,007 shares of the company’s stock valued at $26,000 after buying an additional 722 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Leggett & Platt in the fourth quarter worth about $40,000. Hexagon Capital Partners LLC boosted its stake in shares of Leggett & Platt by 67.5% during the 3rd quarter. Hexagon Capital Partners LLC now owns 1,930 shares of the company’s stock worth $49,000 after acquiring an additional 778 shares in the last quarter. Finally, ORG Partners LLC purchased a new stake in shares of Leggett & Platt during the 4th quarter worth about $49,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

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.