Leggett & Platt, Incorporated (NYSE:LEG) Receives Average Recommendation of “Hold” from Brokerages

Leggett & Platt, Incorporated (NYSE:LEG) has been assigned an average rating of “Hold” from the five analysts that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $10.6667.

A number of equities analysts have issued reports on LEG shares. Weiss Ratings downgraded Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Piper Sandler dropped their target price on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Finally, Zacks Research raised Leggett & Platt from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 19th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Leggett & Platt in the second quarter valued at $265,194,000. Quantinno Capital Management LP grew its stake in shares of Leggett & Platt by 22.7% during the 1st quarter. Quantinno Capital Management LP now owns 3,023,884 shares of the company’s stock worth $29,876,000 after acquiring an additional 559,868 shares during the period. Invenomic Capital Management LP grew its stake in shares of Leggett & Platt by 4.0% during the 4th quarter. Invenomic Capital Management LP now owns 2,437,519 shares of the company’s stock worth $26,813,000 after acquiring an additional 93,213 shares during the period. Wellington Management Group LLP increased its holdings in Leggett & Platt by 14.0% in the 2nd quarter. Wellington Management Group LLP now owns 2,305,636 shares of the company’s stock worth $26,999,000 after acquiring an additional 283,548 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Leggett & Platt by 11.1% in the 1st quarter. Bank of America Corp DE now owns 1,340,918 shares of the company’s stock worth $13,248,000 after acquiring an additional 134,091 shares during the last quarter. 64.23% of the stock is owned by institutional investors.

Leggett & Platt Price Performance

LEG stock opened at $9.20 on Friday. The stock’s 50 day simple moving average is $9.83 and its 200 day simple moving average is $10.30. The company has a market cap of $1.26 billion, a P/E ratio of 5.90 and a beta of 0.73. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.53 and a current ratio of 2.35. Leggett & Platt has a fifty-two week low of $8.34 and a fifty-two week high of $13.00.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.13. Leggett & Platt had a net margin of 5.64% and a return on equity of 13.31%. The business had revenue of $999.70 million during the quarter, compared to the consensus estimate of $982.86 million. During the same quarter last year, the firm posted $0.30 EPS. Leggett & Platt’s revenue was down 5.5% compared to the same quarter last year. On average, research analysts expect that Leggett & Platt will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Monday, August 10th. Leggett & Platt’s payout ratio is currently 12.82%.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer that designs and produces engineered components and products for the bedding, furniture, flooring, textile, automotive, and specialized industrial markets. Its offerings include mattress springs and components, adjustable bed mechanisms, furniture motion hardware, steel wire and tubing, carpet underlay, textile products, and various engineered products used in transportation and industrial applications.

The company operates through businesses commonly organized around bedding products, furniture products, flooring and textile products, and specialized products.