Leggett & Platt (NYSE:LEG) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of Leggett & Platt (NYSE:LEG) from a hold rating to a strong sell rating in a report released on Thursday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Weiss Ratings raised Leggett & Platt from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 1st. Truist Financial reduced their price objective on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Friday, May 8th. Finally, Wall Street Zen cut Leggett & Platt from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $11.33.

Leggett & Platt Stock Performance

Shares of LEG stock opened at $9.17 on Thursday. The stock has a fifty day moving average price of $10.41 and a 200 day moving average price of $10.84. The stock has a market cap of $1.25 billion, a PE ratio of 5.69 and a beta of 0.75. Leggett & Platt has a 1 year low of $7.86 and a 1 year high of $13.00. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.45 and a current ratio of 2.33.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.11). The firm had revenue of $918.20 million for the quarter, compared to analyst estimates of $946.79 million. Leggett & Platt had a return on equity of 12.62% and a net margin of 5.69%.The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.24 earnings per share. Sell-side analysts forecast that Leggett & Platt will post 0.97 earnings per share for the current fiscal year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, March 13th. Leggett & Platt’s payout ratio is 12.42%.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors have recently made changes to their positions in LEG. Palisade Asset Management LLC acquired a new position in shares of Leggett & Platt in the third quarter worth $29,000. Quent Capital LLC acquired a new position in shares of Leggett & Platt in the third quarter worth $34,000. Motiv8 Investments LLC acquired a new position in shares of Leggett & Platt in the fourth quarter worth $34,000. Hantz Financial Services Inc. raised its holdings in shares of Leggett & Platt by 32.0% in the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock worth $36,000 after acquiring an additional 783 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Leggett & Platt in the third quarter worth $51,000. 64.23% of the stock is owned by institutional investors and hedge funds.

About Leggett & Platt

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.