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

Leggett & Platt, Incorporated (NYSE:LEG) has received an average recommendation of “Reduce” from the five research firms that are currently covering the stock, MarketBeat reports. One investment 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 brokerages that have issued a report on the stock in the last year is $11.3333.

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

Institutional Trading of Leggett & Platt

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in shares of Leggett & Platt by 59.5% in the 1st quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock valued at $372,000 after acquiring an additional 17,561 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Leggett & Platt by 8.4% in the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock valued at $116,000 after buying an additional 1,132 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Leggett & Platt by 3.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock valued at $3,592,000 after buying an additional 13,187 shares during the period. Jane Street Group LLC raised its holdings in Leggett & Platt by 36.3% in the 1st quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock valued at $9,298,000 after buying an additional 312,840 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in Leggett & Platt by 113.5% during the 1st quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock worth $866,000 after buying an additional 58,292 shares during the period. Institutional investors own 64.23% of the company’s stock.

Leggett & Platt Stock Up 0.2%

Shares of LEG opened at $11.13 on Friday. Leggett & Platt has a one year low of $7.86 and a one year high of $13.00. The company has a market cap of $1.52 billion, a P/E ratio of 6.91 and a beta of 0.71. The company has a debt-to-equity ratio of 1.44, a current ratio of 2.33 and a quick ratio of 1.45. The firm has a 50 day simple moving average of $10.55 and a two-hundred day simple moving average of $11.01.

Leggett & Platt (NYSE:LEG) last issued its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.11). Leggett & Platt had a net margin of 5.69% and a return on equity of 12.62%. The business had revenue of $918.20 million during the quarter, compared to analyst estimates of $946.79 million. During the same period in the prior year, the business posted $0.24 EPS. The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. Research analysts forecast that Leggett & Platt will post 0.9 EPS for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.20 annualized dividend and a yield of 1.8%. Leggett & Platt’s dividend payout ratio is presently 12.42%.

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.