Leggett & Platt (NYSE:LEG) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Leggett & Platt (NYSE:LEG) from a buy rating to a hold rating in a report issued on Saturday morning.

Other analysts have also recently issued research reports about the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $9.00 target price (down previously from $12.00) on shares of Leggett & Platt in a report on Friday, April 11th. The Goldman Sachs Group boosted their target price on shares of Leggett & Platt from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 30th.

Leggett & Platt Stock Performance

NYSE:LEG opened at $9.28 on Friday. The company has a fifty day simple moving average of $8.80 and a two-hundred day simple moving average of $9.19. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -2.48 and a beta of 0.75. The company has a quick ratio of 1.36, a current ratio of 2.20 and a debt-to-equity ratio of 2.59. Leggett & Platt has a 52 week low of $6.48 and a 52 week high of $14.24.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Monday, April 28th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. Leggett & Platt had a negative net margin of 11.89% and a positive return on equity of 20.46%. The company’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.23 earnings per share. As a group, equities analysts anticipate that Leggett & Platt will post 1.14 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.20 annualized dividend and a dividend yield of 2.15%. Leggett & Platt’s dividend payout ratio is currently -5.35%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Leggett & Platt by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 16,583,732 shares of the company’s stock worth $131,177,000 after acquiring an additional 1,105,256 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Leggett & Platt by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,751,066 shares of the company’s stock valued at $45,610,000 after acquiring an additional 214,571 shares in the last quarter. Millennium Management LLC boosted its stake in Leggett & Platt by 784.7% in the first quarter. Millennium Management LLC now owns 4,605,416 shares of the company’s stock valued at $36,429,000 after acquiring an additional 4,084,866 shares in the last quarter. Invenomic Capital Management LP boosted its stake in Leggett & Platt by 31.3% in the first quarter. Invenomic Capital Management LP now owns 1,992,319 shares of the company’s stock valued at $15,759,000 after acquiring an additional 475,163 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Leggett & Platt by 12.4% in the fourth quarter. AQR Capital Management LLC now owns 1,632,152 shares of the company’s stock valued at $15,669,000 after acquiring an additional 179,938 shares in the last quarter. 64.23% of the stock is owned by institutional investors and hedge funds.

Leggett & Platt Company Profile

Leggett & Platt, Inc engages in the manufacture and distribution of furniture and engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.