Leggett & Platt, Incorporated (LEG) Raised to Long-term Buy at Hilliard Lyons

Leggett & Platt, Incorporated (NYSE:LEG) was upgraded by equities researchers at Hilliard Lyons from a “neutral” rating to a “long-term buy” rating in a report released on Monday, July 24th, Marketbeat.com reports. The brokerage presently has a $66.00 price objective on the stock. Hilliard Lyons’ price objective points to a potential upside of 42.18% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the company. Stifel Nicolaus boosted their price objective on Leggett & Platt, from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Monday, April 3rd. Zacks Investment Research cut Leggett & Platt, from a “buy” rating to a “hold” rating in a research note on Tuesday, April 11th. Piper Jaffray Companies started coverage on Leggett & Platt, in a research note on Monday, June 5th. They issued an “overweight” rating and a $59.00 price objective on the stock. BidaskClub cut Leggett & Platt, from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Finally, Gabelli started coverage on Leggett & Platt, in a research note on Wednesday, June 21st. They issued a “hold” rating and a $53.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Leggett & Platt, has a consensus rating of “Hold” and a consensus price target of $56.88.

Leggett & Platt, (NYSE LEG) traded down 0.24% during trading on Monday, hitting $46.42. 709,191 shares of the company’s stock traded hands. The company has a market cap of $6.14 billion, a PE ratio of 18.42 and a beta of 0.98. Leggett & Platt, has a 52-week low of $44.02 and a 52-week high of $54.97. The company’s 50 day moving average price is $50.39 and its 200 day moving average price is $50.83.

Leggett & Platt, (NYSE:LEG) last released its earnings results on Thursday, July 27th. The company reported $0.64 EPS for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.01. The business had revenue of $989.30 million for the quarter, compared to the consensus estimate of $1 billion. Leggett & Platt, had a return on equity of 31.02% and a net margin of 9.17%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Analysts expect that Leggett & Platt, will post $2.60 earnings per share for the current year.

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In other Leggett & Platt, news, insider Matthew C. Flanigan sold 19,589 shares of Leggett & Platt, stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $49.58, for a total transaction of $971,222.62. Following the completion of the transaction, the insider now owns 159,522 shares of the company’s stock, valued at approximately $7,909,100.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.78% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Van ECK Associates Corp raised its position in shares of Leggett & Platt, by 7.4% in the first quarter. Van ECK Associates Corp now owns 2,122 shares of the company’s stock valued at $107,000 after buying an additional 147 shares during the last quarter. TrimTabs Asset Management LLC raised its position in shares of Leggett & Platt, by 89.0% in the first quarter. TrimTabs Asset Management LLC now owns 2,328 shares of the company’s stock valued at $117,000 after buying an additional 1,096 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Leggett & Platt, by 6.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,407 shares of the company’s stock valued at $127,000 after buying an additional 153 shares during the last quarter. Pinnacle Bank acquired a new position in shares of Leggett & Platt, during the first quarter valued at approximately $122,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Leggett & Platt, during the first quarter valued at about $126,000. 72.06% of the stock is owned by institutional investors.

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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