Piper Jaffray Companies Reiterates Buy Rating for Leggett & Platt, Incorporated (LEG)

Leggett & Platt, Incorporated (NYSE:LEG)‘s stock had its “buy” rating reaffirmed by investment analysts at Piper Jaffray Companies in a research report issued to clients and investors on Friday. They presently have a $59.00 target price on the stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 11.11% from the stock’s current price.

A number of other research firms also recently commented on LEG. Gabelli assumed coverage on shares of Leggett & Platt, in a research note on Wednesday, June 21st. They set a “hold” rating and a $53.00 price objective on the stock. BidaskClub upgraded shares of Leggett & Platt, from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Zacks Investment Research upgraded shares of Leggett & Platt, from a “sell” rating to a “hold” rating and set a $60.00 price objective on the stock in a research note on Tuesday, May 2nd. Credit Suisse Group assumed coverage on shares of Leggett & Platt, in a research note on Thursday, June 22nd. They set a “neutral” rating and a $56.00 price objective on the stock. Finally, Stifel Nicolaus increased their price objective on shares of Leggett & Platt, from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Monday, April 3rd. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $55.57.

Shares of Leggett & Platt, (NYSE LEG) opened at 53.10 on Friday. The stock has a market capitalization of $7.03 billion, a PE ratio of 19.33 and a beta of 1.01. The stock’s 50 day moving average is $52.15 and its 200 day moving average is $50.44. Leggett & Platt, has a 52-week low of $44.02 and a 52-week high of $54.97.

Leggett & Platt, (NYSE:LEG) last announced its earnings results on Thursday, April 27th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. The business had revenue of $960.30 million during the quarter, compared to the consensus estimate of $958.98 million. Leggett & Platt, had a net margin of 10.14% and a return on equity of 31.91%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share. Equities research analysts expect that Leggett & Platt, will post $2.63 earnings per share for the current fiscal year.

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In other news, SVP Scott S. Douglas sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $53.26, for a total value of $266,300.00. Following the transaction, the senior vice president now directly owns 36,133 shares in the company, valued at approximately $1,924,443.58. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Karl G. Glassman sold 13,277 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $53.79, for a total transaction of $714,169.83. Following the completion of the transaction, the insider now owns 337,455 shares in the company, valued at $18,151,704.45. The disclosure for this sale can be found here. Insiders have sold a total of 46,320 shares of company stock worth $2,477,652 over the last quarter. 1.78% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of LEG. Van ECK Associates Corp increased its position in Leggett & Platt, by 7.4% in the first quarter. Van ECK Associates Corp now owns 2,122 shares of the company’s stock worth $107,000 after buying an additional 147 shares during the last quarter. TrimTabs Asset Management LLC increased its position in Leggett & Platt, by 89.0% in the first quarter. TrimTabs Asset Management LLC now owns 2,328 shares of the company’s stock worth $117,000 after buying an additional 1,096 shares during the last quarter. Pinnacle Bank acquired a new position in Leggett & Platt, during the first quarter worth about $122,000. Oppenheimer Asset Management Inc. acquired a new position in Leggett & Platt, during the first quarter worth about $126,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. increased its position in Leggett & Platt, by 123.8% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,686 shares of the company’s stock worth $135,000 after buying an additional 1,486 shares during the last quarter. Institutional investors own 72.09% of the company’s stock.

About Leggett & Platt,

Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products.

Analyst Recommendations for Leggett & Platt, (NYSE:LEG)

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