Leggett & Platt (NYSE:LEG) Price Target Lowered to $43.00 at The Goldman Sachs Group

Leggett & Platt (NYSE:LEGGet Rating) had its target price reduced by The Goldman Sachs Group from $50.00 to $43.00 in a report issued on Thursday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 23.56% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. Piper Sandler decreased their target price on Leggett & Platt from $40.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 14th. Raymond James downgraded Leggett & Platt from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 4th. TheStreet downgraded Leggett & Platt from a “b-” rating to a “c+” rating in a research report on Friday, March 11th. Finally, StockNews.com upgraded Leggett & Platt from a “sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Leggett & Platt presently has an average rating of “Hold” and an average price target of $43.00.

Shares of Leggett & Platt stock traded up $0.21 during trading hours on Thursday, hitting $34.80. The company’s stock had a trading volume of 14,563 shares, compared to its average volume of 1,075,124. The business has a 50 day moving average price of $36.95 and a two-hundred day moving average price of $38.02. Leggett & Platt has a 12-month low of $33.19 and a 12-month high of $52.44. The company has a market cap of $4.65 billion, a PE ratio of 11.76, a PEG ratio of 1.26 and a beta of 1.29. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 1.58.

Leggett & Platt (NYSE:LEGGet Rating) last announced its quarterly earnings data on Monday, May 2nd. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.56 by $0.10. Leggett & Platt had a return on equity of 23.88% and a net margin of 7.73%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the business earned $0.64 earnings per share. As a group, research analysts anticipate that Leggett & Platt will post 2.75 earnings per share for the current year.

In other Leggett & Platt news, Director Phoebe A. Wood sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $38.35, for a total transaction of $95,875.00. Following the sale, the director now directly owns 53,580 shares in the company, valued at $2,054,793. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.57% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors raised its stake in Leggett & Platt by 21.1% in the 3rd quarter. Captrust Financial Advisors now owns 1,491 shares of the company’s stock worth $67,000 after acquiring an additional 260 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Leggett & Platt by 22.9% in the 4th quarter. Fifth Third Bancorp now owns 1,430 shares of the company’s stock valued at $59,000 after buying an additional 266 shares during the period. State of Michigan Retirement System lifted its holdings in shares of Leggett & Platt by 0.8% in the 4th quarter. State of Michigan Retirement System now owns 33,800 shares of the company’s stock valued at $1,391,000 after buying an additional 284 shares during the period. Ellevest Inc. raised its position in Leggett & Platt by 35.9% during the first quarter. Ellevest Inc. now owns 1,151 shares of the company’s stock valued at $40,000 after acquiring an additional 304 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in Leggett & Platt by 18.9% in the first quarter. Geneos Wealth Management Inc. now owns 1,915 shares of the company’s stock valued at $66,000 after acquiring an additional 305 shares during the period. 72.99% of the stock is currently owned by hedge funds and other institutional investors.

About Leggett & Platt (Get Rating)

Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers.

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