Leggett & Platt (NYSE:LEG) Receives Neutral Rating from Piper Sandler

Key Points

• Piper Sandler has decreased Leggett & Platt's (NYSE:LEG) price target from $10.00 to $9.00, maintaining a "neutral" rating on the stock, which suggests a potential upside of 9.96% from its previous close.
• Leggett & Platt's stock recently traded at $8.19, with a market capitalization of $1.11 billion and a price-to-earnings ratio of 7.96, despite quarterly revenue decreasing by 6.3% compared to the previous year.
• Several hedge funds, including Vanguard Group and American Century Companies, have recently increased their positions in Leggett & Platt, indicating growing institutional interest in the company's stock.

Piper Sandler reiterated their neutral rating on shares of Leggett & Platt (NYSE:LEG - Free Report) in a report issued on Monday, MarketBeat.com reports. They currently have a $9.00 price target on the stock, down from their previous price target of $10.00.

Several other analysts also recently issued reports on the company. Wall Street Zen downgraded Leggett & Platt from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. The Goldman Sachs Group lifted their price objective on shares of Leggett & Platt from $8.00 to $9.00 and gave the company a "neutral" rating in a research report on Wednesday, April 30th.

Leggett & Platt Stock Down 0.6%

Shares of LEG stock traded down $0.05 during midday trading on Monday, reaching $8.58. 429,027 shares of the stock were exchanged, compared to its average volume of 2,530,569. The firm has a market cap of $1.16 billion, a PE ratio of 8.32 and a beta of 0.70. The company has a current ratio of 2.17, a quick ratio of 1.36 and a debt-to-equity ratio of 2.09. The company's 50 day moving average is $9.48 and its two-hundred day moving average is $9.06. Leggett & Platt has a 1 year low of $6.47 and a 1 year high of $14.23.

Leggett & Platt (NYSE:LEG - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.01. Leggett & Platt had a net margin of 3.36% and a return on equity of 19.42%. The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the previous year, the company earned $0.29 EPS. Leggett & Platt's revenue for the quarter was down 6.3% on a year-over-year basis. On average, equities research analysts predict that Leggett & Platt will post 1.14 EPS for the current year.

Leggett & Platt Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.3%. Leggett & Platt's payout ratio is currently 19.42%.

Institutional Trading of Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new position in Leggett & Platt in the fourth quarter valued at approximately $575,000. American Century Companies Inc. lifted its stake in shares of Leggett & Platt by 50.3% in the 4th quarter. American Century Companies Inc. now owns 138,972 shares of the company's stock valued at $1,334,000 after purchasing an additional 46,499 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Leggett & Platt in the fourth quarter valued at $276,000. Vanguard Group Inc. boosted its stake in Leggett & Platt by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 15,478,476 shares of the company's stock valued at $148,593,000 after acquiring an additional 722,024 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Leggett & Platt by 3.0% during the fourth quarter. Wellington Management Group LLP now owns 1,190,258 shares of the company's stock worth $11,426,000 after purchasing an additional 34,972 shares during the last quarter. 64.23% of the stock is currently owned by institutional investors and hedge funds.

About Leggett & Platt

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.