Leggett & Platt (NYSE:LEG) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Leggett & Platt (NYSE:LEG) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

A number of other equities analysts have also recently issued reports on LEG. The Goldman Sachs Group restated a “neutral” rating and set a $11.00 target price on shares of Leggett & Platt in a report on Wednesday, October 29th. Weiss Ratings reissued a “hold (c-)” rating on shares of Leggett & Platt in a research note on Monday, December 29th. Truist Financial upped their target price on shares of Leggett & Platt from $10.00 to $12.00 and gave the company a “hold” rating in a research note on Wednesday, October 29th. Piper Sandler increased their target price on shares of Leggett & Platt from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. Finally, Zacks Research lowered shares of Leggett & Platt from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Leggett & Platt presently has a consensus rating of “Hold” and a consensus target price of $11.67.

Leggett & Platt Trading Down 1.3%

LEG opened at $12.58 on Friday. The firm has a 50 day simple moving average of $10.82 and a 200 day simple moving average of $9.88. Leggett & Platt has a fifty-two week low of $6.47 and a fifty-two week high of $12.77. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 7.81 and a beta of 0.73. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.15 and a quick ratio of 1.35.

Leggett & Platt (NYSE:LEG) last posted its quarterly earnings results on Monday, October 27th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Leggett & Platt had a net margin of 5.38% and a return on equity of 16.27%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period last year, the company earned $0.32 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. Leggett & Platt has set its FY 2025 guidance at 1.000-1.100 EPS. On average, sell-side analysts anticipate that Leggett & Platt will post 1.14 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Monday, December 15th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.20 annualized dividend and a dividend yield of 1.6%. Leggett & Platt’s dividend payout ratio is currently 12.42%.

Hedge Funds Weigh In On Leggett & Platt

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LEG. Palisade Asset Management LLC bought a new position in Leggett & Platt during the 3rd quarter worth about $29,000. Quent Capital LLC bought a new position in shares of Leggett & Platt during the third quarter worth about $34,000. Advisory Services Network LLC acquired a new stake in Leggett & Platt in the 3rd quarter valued at approximately $51,000. Nisa Investment Advisors LLC acquired a new position in Leggett & Platt during the 2nd quarter worth approximately $76,000. Finally, SeaCrest Wealth Management LLC acquired a new position in Leggett & Platt during the 2nd quarter worth approximately $89,000. 64.23% of the stock is owned by institutional investors and hedge funds.

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.