Leggett & Platt (NYSE:LEG) Upgraded by Piper Sandler to "Neutral" Rating

Leggett & Platt (NYSE:LEG - Get Free Report) was upgraded by equities research analysts at Piper Sandler from an "underweight" rating to a "neutral" rating in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $13.00 price objective on the stock, up from their previous price objective of $11.00. Piper Sandler's target price indicates a potential upside of 7.04% from the stock's current price.

Other analysts have also issued research reports about the company. 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 report on Monday, August 5th. StockNews.com upgraded shares of Leggett & Platt from a "sell" rating to a "hold" rating in a research note on Wednesday, August 28th. Finally, The Goldman Sachs Group reduced their price target on shares of Leggett & Platt from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $12.67.

Leggett & Platt Trading Down 4.1 %

Shares of LEG stock traded down $0.52 during trading hours on Wednesday, hitting $12.15. The company had a trading volume of 1,870,574 shares, compared to its average volume of 2,309,830. The company has a debt-to-equity ratio of 2.55, a current ratio of 1.53 and a quick ratio of 0.88. The stock has a market capitalization of $1.63 billion, a PE ratio of -10.91 and a beta of 1.07. The company's fifty day moving average is $12.80 and its 200 day moving average is $12.83. Leggett & Platt has a fifty-two week low of $10.11 and a fifty-two week high of $27.58.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its quarterly earnings results on Monday, October 28th. The company reported $0.32 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.01). Leggett & Platt had a positive return on equity of 12.65% and a negative net margin of 18.05%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the company earned $0.36 earnings per share. The firm's revenue for the quarter was down 6.3% on a year-over-year basis. Research analysts expect that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Leggett & Platt

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its stake in shares of 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 buying an additional 11,373,507 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of 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 worth $22,160,000 after purchasing an additional 1,838,009 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Leggett & Platt by 1.0% during the 1st quarter. ProShare Advisors LLC now owns 1,284,654 shares of the company's stock worth $24,601,000 after purchasing an additional 12,502 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Leggett & Platt by 31.0% in the 2nd quarter. Principal Financial Group Inc. now owns 658,117 shares of the company's stock valued at $7,542,000 after purchasing an additional 155,860 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Leggett & Platt by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 350,876 shares of the company's stock valued at $6,719,000 after purchasing an additional 27,106 shares during the period. Institutional investors and hedge funds own 64.23% of the company's stock.

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.