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

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

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

Leggett & Platt Trading Up 1.5 %

Leggett & Platt stock opened at $10.33 on Tuesday. The company’s fifty day moving average price is $11.06 and its two-hundred 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 has a one year low of $9.18 and a one year high of $25.29. 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 (NYSE:LEG) last released its quarterly earnings results on Monday, October 28th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. Leggett & Platt had a negative net margin of 18.53% and a positive return on equity of 14.99%. The firm’s revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. On average, analysts forecast that Leggett & Platt will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

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

Institutional Trading of Leggett & Platt

Institutional investors and hedge funds have recently modified their holdings of the stock. Oak Thistle LLC acquired a new position in Leggett & Platt in the fourth quarter valued at about $856,000. Pallas Capital Advisors LLC acquired a new position in shares of Leggett & Platt in the 4th quarter valued at approximately $99,000. International Assets Investment Management LLC acquired a new stake in Leggett & Platt during the 4th quarter worth approximately $337,000. Diversified Trust Co bought a new position in Leggett & Platt in the fourth quarter valued at approximately $255,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Leggett & Platt by 2,069.7% in the fourth quarter. GAMMA Investing LLC now owns 12,302 shares of the company’s stock valued at $118,000 after buying an additional 11,735 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.