Leggett & Platt (NYSE:LEG) Given New $14.00 Price Target at The Goldman Sachs Group

Leggett & Platt (NYSE:LEG) had its target price dropped by The Goldman Sachs Group from $20.00 to $14.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 6.63% from the company’s previous close.

LEG has been the subject of a number of other research reports. TheStreet lowered Leggett & Platt from a “c” rating to a “d+” rating in a report on Monday, March 11th. Piper Sandler reduced their price target on shares of Leggett & Platt from $16.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday. Truist Financial lowered their price objective on shares of Leggett & Platt from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Tuesday, March 26th. Finally, StockNews.com lowered shares of Leggett & Platt from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and a consensus target price of $14.33.

Leggett & Platt Stock Down 0.9 %

LEG traded down $0.12 during trading on Thursday, reaching $13.13. The stock had a trading volume of 2,269,367 shares, compared to its average volume of 1,823,695. Leggett & Platt has a one year low of $11.02 and a one year high of $33.11. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -11.40 and a beta of 1.19. The company has a current ratio of 1.49, a quick ratio of 0.84 and a debt-to-equity ratio of 1.26. The stock’s 50 day moving average is $18.90 and its two-hundred day moving average is $22.21.

Leggett & Platt (NYSE:LEG) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Leggett & Platt had a positive return on equity of 10.84% and a negative net margin of 3.44%. Leggett & Platt’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 EPS. As a group, analysts expect that Leggett & Platt will post 1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its position in Leggett & Platt by 66.8% during the first quarter. BNP Paribas Financial Markets now owns 70,271 shares of the company’s stock valued at $1,346,000 after purchasing an additional 28,149 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Leggett & Platt by 155.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,716 shares of the company’s stock valued at $933,000 after buying an additional 29,677 shares during the period. Commonwealth Equity Services LLC boosted its stake in Leggett & Platt by 4.9% during the first quarter. Commonwealth Equity Services LLC now owns 323,427 shares of the company’s stock worth $6,194,000 after buying an additional 15,006 shares during the period. Principal Financial Group Inc. increased its position in Leggett & Platt by 2.6% during the first quarter. Principal Financial Group Inc. now owns 502,257 shares of the company’s stock valued at $9,618,000 after acquiring an additional 12,827 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Leggett & Platt by 0.4% in the 1st quarter. New York State Teachers Retirement System now owns 161,369 shares of the company’s stock worth $3,090,000 after acquiring an additional 700 shares during the last quarter. 64.23% of the stock is currently owned by institutional investors.

Leggett & Platt Company Profile

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.