Brokerages Set Leggett & Platt, Incorporated (NYSE:LEG) Price Target at $10.67

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

Several equities research analysts have weighed in on the stock. Piper Sandler dropped their price target on shares of Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, August 12th. Truist Financial lowered their price objective on shares of Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Zacks Research upgraded shares of Leggett & Platt from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 19th. Finally, Weiss Ratings cut Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently modified their holdings of LEG. Elevation Wealth Partners LLC grew its position in Leggett & Platt by 752.8% during the second quarter. Elevation Wealth Partners LLC now owns 2,311 shares of the company’s stock valued at $27,000 after buying an additional 2,040 shares during the period. Palisade Asset Management LLC bought a new stake in Leggett & Platt in the 3rd quarter valued at $29,000. Motiv8 Investments LLC purchased a new stake in shares of Leggett & Platt in the fourth quarter worth about $34,000. Hantz Financial Services Inc. lifted its position in Leggett & Platt by 32.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,231 shares of the company’s stock valued at $36,000 after purchasing an additional 783 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Leggett & Platt in the 3rd quarter worth $51,000. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

Leggett & Platt Price Performance

Shares of Leggett & Platt stock opened at $9.20 on Monday. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.35 and a quick ratio of 1.53. The business’s 50 day simple moving average is $10.47 and its two-hundred day simple moving average is $10.56. The stock has a market capitalization of $1.26 billion, a P/E ratio of 5.90 and a beta of 0.73. Leggett & Platt has a one year low of $8.34 and a one year high of $13.00.

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

Leggett & Platt Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were given 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 was Monday, August 10th. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.82%.

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.