Leggett & Platt, Incorporated (NYSE:LEG) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Leggett & Platt, Incorporated (NYSE:LEG) have been given an average recommendation of “Reduce” by the five analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $11.3333.

A number of research analysts have commented on LEG shares. Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Zacks Research cut Leggett & Platt from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 14th. Finally, Truist Financial reduced their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Friday, May 8th.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock opened at $11.89 on Friday. The company’s fifty day simple moving average is $10.55 and its two-hundred day simple moving average is $11.01. Leggett & Platt has a 12-month low of $7.86 and a 12-month high of $13.00. The firm has a market cap of $1.62 billion, a PE ratio of 7.38 and a beta of 0.71. The company has a quick ratio of 1.45, a current ratio of 2.33 and a debt-to-equity ratio of 1.44.

Leggett & Platt (NYSE:LEG) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 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 the consensus estimate of $946.79 million. Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The business’s revenue was down 10.2% on a year-over-year basis. During the same period last year, the company posted $0.24 earnings per share. As a group, equities analysts expect that Leggett & Platt will post 0.9 EPS for the current year.

Leggett & Platt Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be issued a $0.05 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.20 annualized dividend and a yield of 1.7%. Leggett & Platt’s payout ratio is 12.42%.

Hedge Funds Weigh In On Leggett & Platt

Several hedge funds and other institutional investors have recently modified their holdings of LEG. Motiv8 Investments LLC bought a new position in Leggett & Platt in the fourth quarter worth about $34,000. Palisade Asset Management LLC bought a new stake in Leggett & Platt during the 3rd quarter valued at approximately $29,000. Hantz Financial Services Inc. grew its holdings in shares of Leggett & Platt by 32.0% during the 4th 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 period. Advisory Services Network LLC purchased a new position in shares of Leggett & Platt during the 3rd quarter worth approximately $51,000. Finally, Kingdom Financial Group LLC. bought a new position in shares of Leggett & Platt in the 4th quarter worth approximately $66,000. Hedge funds and other institutional investors own 64.23% of the company’s stock.

Leggett & Platt Company Profile

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.