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

Shares of Leggett & Platt, Incorporated (NYSE:LEG) have earned a consensus rating of “Hold” from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $10.6667.

Several equities research analysts have issued reports on LEG shares. Zacks Research upgraded Leggett & Platt from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 19th. Piper Sandler reduced their price target on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, August 12th. Finally, Weiss Ratings lowered Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th.

Leggett & Platt Stock Performance

NYSE LEG opened at $9.20 on Friday. The firm has a market cap of $1.26 billion, a P/E ratio of 5.90 and a beta of 0.73. The company has a quick ratio of 1.53, a current ratio of 2.35 and a debt-to-equity ratio of 1.38. The company’s 50 day moving average is $9.83 and its 200-day moving average is $10.30. Leggett & Platt has a 12-month low of $8.34 and a 12-month high of $13.00.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.26 by $0.13. Leggett & Platt had a net margin of 5.64% and a return on equity of 13.31%. The company had revenue of $999.70 million during the quarter, compared to the consensus estimate of $982.86 million. During the same period last year, the firm earned $0.30 EPS. Leggett & Platt’s revenue for the quarter was down 5.5% on a year-over-year basis. Sell-side analysts predict that Leggett & Platt will post 1.05 earnings per share for the current year.

Leggett & Platt Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were paid a $0.05 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.20 annualized dividend and a yield of 2.2%. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.82%.

Institutional Investors Weigh In On Leggett & Platt

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Leggett & Platt in the 2nd quarter valued at about $265,194,000. Bank of New York Mellon Corp purchased a new position in shares of Leggett & Platt during the second quarter worth about $15,511,000. Squarepoint Ops LLC purchased a new position in shares of Leggett & Platt during the second quarter worth about $11,979,000. Lakewood Capital Management LP bought a new position in shares of Leggett & Platt in the second quarter worth approximately $9,719,000. Finally, Corient Private Wealth LP bought a new position in shares of Leggett & Platt in the second quarter worth approximately $8,948,000. 64.23% of the stock is currently owned by institutional investors.

About Leggett & Platt

Leggett & Platt, Inc is a diversified manufacturer that designs and produces engineered components and products for the bedding, furniture, flooring, textile, automotive, and specialized industrial markets. Its offerings include mattress springs and components, adjustable bed mechanisms, furniture motion hardware, steel wire and tubing, carpet underlay, textile products, and various engineered products used in transportation and industrial applications.

The company operates through businesses commonly organized around bedding products, furniture products, flooring and textile products, and specialized products.