Leggett & Platt, Inc. (NYSE:LEG) Receives $55.00 Consensus Target Price from Analysts
Leggett & Platt, Inc. (NYSE:LEG) has received an average recommendation of “Hold” from the eight brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $55.00.
A number of research analysts have weighed in on the company. ValuEngine raised Leggett & Platt from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. TheStreet raised Leggett & Platt from a “c+” rating to a “b-” rating in a research report on Friday, September 27th. Goldman Sachs Group started coverage on Leggett & Platt in a research note on Friday. They issued a “neutral” rating for the company. Stifel Nicolaus downgraded Leggett & Platt from a “buy” rating to a “hold” rating and increased their target price for the stock from $52.00 to $55.00 in a research report on Tuesday, November 19th. Finally, SunTrust Banks lowered Leggett & Platt from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th.
Shares of Leggett & Platt stock traded down $0.18 during mid-day trading on Friday, hitting $52.89. 83,220 shares of the stock were exchanged, compared to its average volume of 1,042,203. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 1.60 and a beta of 1.10. Leggett & Platt has a twelve month low of $33.48 and a twelve month high of $55.42. The company has a current ratio of 1.74, a quick ratio of 1.05 and a debt-to-equity ratio of 1.84. The company has a 50-day simple moving average of $50.79 and a 200 day simple moving average of $41.79.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be issued a $0.40 dividend. The ex-dividend date is Thursday, December 12th. This represents a $1.60 dividend on an annualized basis and a yield of 3.03%. Leggett & Platt’s payout ratio is 64.52%.
In related news, CEO Karl G. Glassman sold 10,683 shares of Leggett & Platt stock in a transaction on Monday, September 16th. The stock was sold at an average price of $42.13, for a total value of $450,074.79. Following the transaction, the chief executive officer now owns 460,505 shares in the company, valued at $19,401,075.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Judy C. Odom sold 10,000 shares of Leggett & Platt stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $50.84, for a total value of $508,400.00. Following the completion of the transaction, the director now owns 56,117 shares in the company, valued at approximately $2,852,988.28. The disclosure for this sale can be found here. Insiders have sold 99,838 shares of company stock valued at $5,151,467 in the last ninety days. 1.45% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Northern Trust Corp raised its holdings in Leggett & Platt by 0.3% in the second quarter. Northern Trust Corp now owns 1,493,556 shares of the company’s stock valued at $57,308,000 after buying an additional 4,815 shares during the period. Mackay Shields LLC boosted its stake in shares of Leggett & Platt by 4.6% in the third quarter. Mackay Shields LLC now owns 20,937 shares of the company’s stock valued at $857,000 after purchasing an additional 922 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Leggett & Platt by 10.9% during the third quarter. Janney Montgomery Scott LLC now owns 45,207 shares of the company’s stock valued at $1,851,000 after acquiring an additional 4,454 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its holdings in Leggett & Platt by 94.9% in the third quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 8,047 shares of the company’s stock valued at $328,000 after purchasing an additional 3,919 shares during the last quarter. Finally, Holocene Advisors LP grew its stake in Leggett & Platt by 68.7% during the 2nd quarter. Holocene Advisors LP now owns 71,401 shares of the company’s stock valued at $2,740,000 after purchasing an additional 29,073 shares in the last quarter. Institutional investors own 77.68% of the company’s stock.
About Leggett & Platt
Leggett & Platt, Incorporated designs and produces various engineered components and products worldwide. It operates through four segments: Residential Products, Furniture Products, Industrial Products, and Specialized Products. The Residential Products segment offers innersprings, wire forms, and machines to shape wire into various types of springs; industrial sewing/finishing machines, conveyor lines, mattress packaging, and glue-drying equipment, as well as quilting machines; and structural fabrics, carpet cushions, and geo components.
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