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

Leggett & Platt (NYSE:LEG - Free Report) had its price target decreased by The Goldman Sachs Group from $14.00 to $12.00 in a research report released on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

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

Leggett & Platt Stock Up 1.5 %

Shares of LEG traded up $0.15 during midday trading on Tuesday, reaching $10.33. 1,762,099 shares of the stock were exchanged, compared to its average volume of 1,829,512. The company has a market capitalization of $1.39 billion, a P/E ratio of -1.72 and a beta of 1.11. The company has a current ratio of 1.48, a quick ratio of 0.84 and a debt-to-equity ratio of 2.13. Leggett & Platt has a 52 week low of $9.18 and a 52 week high of $25.29. The company's 50 day moving average is $11.11 and its two-hundred day moving average is $12.04.

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

Leggett & Platt Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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 annualized dividend and a dividend yield of 1.94%. Leggett & Platt's dividend payout ratio (DPR) is presently -3.33%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LEG. Pacer Advisors Inc. grew its stake in shares of Leggett & Platt by 426.2% during the second quarter. Pacer Advisors Inc. now owns 14,042,134 shares of the company's stock worth $160,923,000 after acquiring an additional 11,373,507 shares during the last quarter. AQR Capital Management LLC grew 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 worth $22,160,000 after purchasing an additional 1,838,009 shares during the last quarter. 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 raised its holdings in shares of Leggett & Platt by 384.1% in the third 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 lifted its stake in shares of Leggett & Platt by 3,264.5% during 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 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.