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

Leggett & Platt, Incorporated (NYSE:LEG) has been assigned an average recommendation of “Reduce” from the five ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $11.3333.

LEG has been the topic of a number of recent research reports. Truist Financial cut 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. Zacks Research downgraded shares of Leggett & Platt from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 14th. Finally, Weiss Ratings raised Leggett & Platt from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 15th.

Leggett & Platt Price Performance

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

Leggett & Platt (NYSE:LEG) last announced its earnings results on Thursday, May 7th. The company reported $0.15 EPS 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 for the quarter, compared to the consensus estimate of $946.79 million. During the same quarter last year, the firm posted $0.24 EPS. The business’s quarterly revenue was down 10.2% on a year-over-year basis. Research analysts predict that Leggett & Platt will post 0.9 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

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

Hedge Funds Weigh In On Leggett & Platt

Institutional investors have recently made changes to their positions in the business. M&T Bank Corp boosted its holdings in shares of Leggett & Platt by 8,333.0% in the fourth quarter. M&T Bank Corp now owns 1,132,132 shares of the company’s stock worth $12,453,000 after buying an additional 1,118,707 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Leggett & Platt in the 4th quarter worth approximately $11,297,000. Towle & Co. bought a new stake in Leggett & Platt during the 4th quarter worth approximately $10,484,000. Forest Avenue Capital Management LP raised its stake in Leggett & Platt by 208.4% during the 4th quarter. Forest Avenue Capital Management LP now owns 1,233,534 shares of the company’s stock worth $13,569,000 after acquiring an additional 833,534 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in Leggett & Platt by 208.2% during the second quarter. Quantinno Capital Management LP now owns 1,143,164 shares of the company’s stock valued at $10,197,000 after purchasing an additional 772,263 shares in the last quarter. 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.