SunTrust Banks, Inc. upgraded shares of Leggett & Platt, Incorporated (NYSE:LEG) from a hold rating to a buy rating in a report released on Friday morning, MarketBeat Ratings reports. They currently have $53.00 price objective on the stock, up from their prior price objective of $50.00. The analysts noted that the move was a valuation call.

LEG has been the subject of a number of other reports. Zacks Investment Research downgraded Leggett & Platt, from a hold rating to a sell rating in a report on Tuesday, July 4th. Gabelli began coverage on Leggett & Platt, in a report on Wednesday, June 21st. They set a hold rating and a $53.00 price objective for the company. Stifel Nicolaus restated a hold rating on shares of Leggett & Platt, in a report on Thursday, September 7th. Hilliard Lyons upgraded Leggett & Platt, from a neutral rating to a long-term buy rating and set a $66.00 price objective for the company in a report on Monday, July 24th. Finally, BidaskClub downgraded Leggett & Platt, from a buy rating to a hold rating in a report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $55.33.

Shares of Leggett & Platt, (LEG) opened at 47.22 on Friday. Leggett & Platt, has a 52 week low of $43.17 and a 52 week high of $54.97. The stock has a 50 day moving average price of $46.36 and a 200-day moving average price of $50.37. The firm has a market capitalization of $6.25 billion, a PE ratio of 18.74 and a beta of 1.00.

Leggett & Platt, (NYSE:LEG) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). The firm had revenue of $989.30 million for the quarter, compared to analyst estimates of $1 billion. Leggett & Platt, had a return on equity of 31.02% and a net margin of 9.17%. The company’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 earnings per share. Equities analysts anticipate that Leggett & Platt, will post $2.43 earnings per share for the current year.

ILLEGAL ACTIVITY WARNING: “Leggett & Platt, Incorporated (LEG) Upgraded to Buy at SunTrust Banks, Inc.” was first published by Daily Political and is the property of of Daily Political. If you are accessing this story on another website, it was illegally copied and reposted in violation of United States and international copyright law. The original version of this story can be viewed at https://www.dailypolitical.com/2017/09/26/leggett-platt-incorporated-leg-upgraded-to-buy-at-suntrust-banks-inc.html.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be issued a $0.36 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.44 annualized dividend and a yield of 3.08%. Leggett & Platt,’s dividend payout ratio is currently 57.14%.

In related news, insider Matthew C. Flanigan sold 19,589 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $49.58, for a total value of $971,222.62. Following the completion of the sale, the insider now directly owns 159,522 shares in the company, valued at approximately $7,909,100.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.78% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Leggett & Platt, by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 15,434,519 shares of the company’s stock valued at $776,664,000 after purchasing an additional 481,689 shares in the last quarter. BlackRock Inc. increased its holdings in Leggett & Platt, by 0.6% in the 2nd quarter. BlackRock Inc. now owns 12,019,449 shares of the company’s stock valued at $631,381,000 after purchasing an additional 76,484 shares in the last quarter. US Bancorp DE increased its holdings in Leggett & Platt, by 2.3% in the 2nd quarter. US Bancorp DE now owns 2,038,293 shares of the company’s stock valued at $107,072,000 after purchasing an additional 46,071 shares in the last quarter. Franklin Resources Inc. increased its holdings in Leggett & Platt, by 0.9% in the 2nd quarter. Franklin Resources Inc. now owns 1,584,782 shares of the company’s stock valued at $83,249,000 after purchasing an additional 13,837 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Leggett & Platt, by 10.8% in the 1st quarter. Geode Capital Management LLC now owns 1,445,309 shares of the company’s stock valued at $72,633,000 after purchasing an additional 141,050 shares in the last quarter. Hedge funds and other institutional investors own 68.86% 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)

Receive News & Ratings for Leggett & Platt Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Leggett & Platt Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.