Leggett & Platt's (LEG) "Neutral" Rating Reaffirmed at 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 restated their neutral rating on shares of Leggett & Platt (NYSE:LEG - Free Report) in a research report report published on Monday morning, Marketbeat.com reports. Piper Sandler currently has a $9.00 target price on the stock, down from their prior target price of $10.00.

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

Leggett & Platt Price Performance

Shares of NYSE LEG traded down $0.01 during midday trading on Monday, reaching $8.72. The company's stock had a trading volume of 552,234 shares, compared to its average volume of 2,536,058. Leggett & Platt has a fifty-two week low of $6.47 and a fifty-two week high of $14.23. The business's 50 day moving average price is $9.49 and its two-hundred day moving average price is $9.07. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.36 and a current ratio of 2.17. The company has a market cap of $1.18 billion, a P/E ratio of 8.47 and a beta of 0.70.

Leggett & Platt (NYSE:LEG - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.29 by $0.01. The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.06 billion. Leggett & Platt had a net margin of 3.36% and a return on equity of 19.42%. The company's quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.29 EPS. On average, analysts forecast that Leggett & Platt will post 1.14 EPS for the current fiscal year.

Institutional Trading of Leggett & Platt

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Leggett & Platt by 7.1% in the 1st quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company's stock worth $131,177,000 after acquiring an additional 1,105,256 shares during the period. Millennium Management LLC increased its position in shares of Leggett & Platt by 784.7% in the first quarter. Millennium Management LLC now owns 4,605,416 shares of the company's stock worth $36,429,000 after acquiring an additional 4,084,866 shares in the last quarter. Invenomic Capital Management LP lifted its position in shares of Leggett & Platt by 31.3% during the first quarter. Invenomic Capital Management LP now owns 1,992,319 shares of the company's stock worth $15,759,000 after purchasing an additional 475,163 shares in the last quarter. AQR Capital Management LLC increased its holdings in Leggett & Platt by 12.4% during the 4th quarter. AQR Capital Management LLC now owns 1,632,152 shares of the company's stock worth $15,669,000 after purchasing an additional 179,938 shares during the last quarter. Finally, Trexquant Investment LP increased its holdings in Leggett & Platt by 31.8% in the first quarter. Trexquant Investment LP now owns 1,551,964 shares of the company's stock valued at $12,276,000 after buying an additional 374,073 shares during the last quarter. 64.23% of the stock is currently owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

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.